Canada
March 29, 2026
Drilling activity slows in US and Canada
Written by Brett Linton
The latest count of operational drilling rigs declined in both the US and Canada this week, according to recently released data from Baker Hughes.
The total US rig count fell by nine week over week to 543, the lowest weekly measure seen since the start of the year. US activity is just seven rigs above the near four-year low set last August. This time last year, there were 49 more rigs in operation.
Canadian activity declined by 24 rigs this week to 153, also the lowest measure seen so far this year. One year ago there were 10 more rigs in operation. Historically, Canadian drilling surges early in the year. It then declines through April and May because melting snow and ice result in mud and unstable ground, which limits access to roads and drilling sites.
The monthly international rig count was updated earlier this month with February figures. This count was 1,112 rigs, up 33 from the previous monthly count and 15 higher than the same month one year prior. March international data should be released next week.
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.
