OCTG
Drill rig activity increases slightly in US and Canada
Written by Brett Linton
February 28, 2025
The number of active oil and gas rigs in the US and Canada increased marginally this week, according to Baker Hughes. US rig counts remain just above multi-year lows, while activity in Canada is within earshot of a seven-year high.
The US had 593 rigs in operation in the week ended Feb. 28, up by one from the previous week and up from the three-year low of 576 in late January. US drilling activity has remained at reduced levels since June 2024.
Canada’s rig count rose by four this week to 248 rigs. Four weeks ago, rig activity in Canada hit the highest weekly rate since March 2018. Historically, Canada’s counts tend to surge through February before declining as warmer weather and thawing ground conditions limit access to drill sites.
The international rig count is a monthly measure updated at the beginning of each month. The January count was 905, four fewer than in December and 60 fewer than in the same month last year.
The Baker Hughes rig count is significant for the steel industry because it is a leading indicator of demand for oil country tubular goods (OCTG), a key end market for steel sheet.
For a history of the US and Canada rig counts, visit the rig count page on our website.
Brett Linton
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