Analysis
November 26, 2025
US and Canadian rig counts fall back
Written by David Schollaert
US and Canadian rig counts both declined this week, according to the latest Baker Hughes data released on Wednesday, Nov. 26.
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.
The US rig count stood at 544, down 10 from the previous week. Oil rigs were down by 12 to 407, gas rigs increased by three to 130, while miscellaneous rigs declined by one to seven rigs in the same comparison.
Year over year, the US rig count was off by 38 rigs from 582 at the same week a year earlier. Oil rigs were down 70, gas rigs up 30, and miscellaneous rigs notched a rise of two.
The offshore US rig count was down one week over week to 18, but up by five rigs from a year ago.
At the same time, the Canadian rig count fell by seven from the previous week to 188. Oil rigs declined by seven to 121, gas rigs were flat at 67, and miscellaneous rigs were unchanged at zero.
For a year-over-year comparison, Canada’s count was down 17 from the same week in 2024. Meanwhile, oil rigs fell by 13, gas rigs three fewer, and miscellaneous rigs slipped by one.
The monthly international rig count has been updated through October. It decreased by 25 rigs to 1,059 from the previous month. And that’s off 72 rigs from year-earlier levels.
