OCTG
US and Canadian rig counts inch higher
Written by Brett Linton
October 24, 2025
Drilling activity increased this week in both the US and Canada, according to the latest Baker Hughes rig count data. US counts continue to hover just above historic lows, while Canadian figures remain strong.
The total US rig count rose by two week over week (w/w) to 550. This is just 14 rigs higher than the near four-year low seen in August, and 35 rigs below the same week last year.
Canada’s rig count rose by one to 199, the highest weekly rate seen since March. Despite recent increases, Canadian activity is down by 17 rigs compared to this time last year.
The monthly international rig count was updated earlier this month through September figures. This count increased by eight rigs m/m to 1,084. September’s count was 72 fewer than the same month last year.
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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