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Active rig counts slipped in US, Canada

Written by David Schollaert

August 1, 2025

Drilling activity slowed in the US and Canada last week, according to the latest oil and gas rig count data released by Baker Hughes.

The US rig count fell by two rigs week over week (w/w) to a total of 540. This is just three rigs above the multi-year low of 537 seen about a month ago. Compared to one year ago, there are 46 fewer US rigs in operation this week.

Canada’s count decreased for the first time in nine weeks, declining by five rigs w/w to a total of 177. Canadian activity is down by 42 rigs compared to this time last year.

The monthly international rig count increased by one rig as of Aug. 1 to 914. This count is down by 20 from 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.

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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