Canada
May 1, 2026
Oil and gas drilling picks up in US, slips in Canada
Written by Brett Linton
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 increased by three week over week to 547. While up, this count is just 11 rigs higher than the multi-year low set last August. One year ago, there were 37 more rigs in operation.
Canadian activity declined by seven rigs this week to a four-month low of 123. Historically, Canadian drilling ramps up at the beginning of the year, then declines across April and May as thawing grounds limit access to drill sites. This time last year, there were three more rigs in operation.
The monthly international rig count was updated this week through April figures. This count was 1,036 rigs, down 22 from the previous month and 51 fewer than the same month one year prior.
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.
