Canada
November 14, 2025
Written by David Schollaert
The latest Baker Hughes rig count report showed oil and gas drilling improved in the US this past week, while Canada saw its rig count decline.
The rig count is significant for the steel industry, as it is a leading indicator of demand for oil country tubular goods (OCTG), a key end market for steel sheet.
Drilling activity increased in the US this week but declined in Canada, according to active oil and gas rig count figures recently released from Baker Hughes. The US rig count rose by four to 595 rigs this week, now at the highest level recorded in over two years. Canadian counts eased to a 10-week low of 197 this week, down 10 rigs from the prior week.
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