Steel Products
Drilling activity slows further in US and Canada
Written by Brett Linton
May 30, 2025
Oil and gas drilling activity declined again this week in both the US and Canada, according to Baker Hughes.
The US rig count dropped by three to 563, falling below last week’s multi-year low and marking the slowest rate seen since November 2021. Compared to the same week last year, 37 fewer rigs are in operation today.
Canadian counts fell by two rigs to 112, 16 fewer than the same week last year. Canadian activity typically peaks early in the year and declines into the spring as thawing ground conditions limit access to drilling sites.
The international rig count is reported monthly at the beginning of each month. The April count was 891 rigs, down eight from March and 87 fewer than one year ago.
The Baker Hughes rig count is significant for the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand, a key end market for steel sheet.
For a history of the US and Canadian rig counts, visit the rig count page on our website.
Brett Linton
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