Canada
August 7, 2026
US rig count holds at multi-month high, Canada's slips
Written by Laura Miller
Baker Hughes’ latest data shows US oil and gas drilling activity was steady this week at a multi-month high, while activity slowed slightly in Canada.
For the week ended Aug. 7, the US rig count was flat from the previous week at 588. That matches the mid-July count for a 15-month high. Oil rigs increased by three, while gas rigs decreased by three. Drilling activity remains ahead of last year, with 49 more active rigs in operation.
Meanwhile, Canada’s rig count dropped by three to 216, with four fewer oil rigs, two additional gas rigs, and one fewer miscellaneous rig. The count is down just slightly from the previous week’s five-month high. Drilling remains substantially higher than the same week of 2025, with 36 more rigs operating today.
The monthly international rig count was updated this week with July figures. Baker Hughes reported 1,096 active international rigs for July. Land rigs increased by 14 to 847, and offshore rigs rose by nine to 249. July’s count is up 23 from the previous month and up 17 from last year’s count.
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.
