Canada
May 29, 2026
Rig counts move higher in US and Canada, led by oil drilling
Written by Laura Miller
The US and Canadian rig counts moved higher as oil and gas drilling picked up in the week ending May 29, according to the latest report from Baker Hughes.
The report shows the US rig count rising by four net rigs to 562. While the number of gas and miscellaneous rigs was unchanged, oil rigs rose by four. Compared to last year, the count is down by just one rig.
In Canada, the rig count jumped by 24 net rigs to 162. Oil drilling picked up noticeably, with 22 more rigs in operation week over week. Gas rigs rose by five while miscellaneous rigs were down by three.
Baker Hughes updated the monthly international rig count at the beginning of May with April data. This count was 1,036 rigs, down 22 from the previous month and 51 fewer than the same month a year earlier. May’s international rig count will 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.
