Canada
August 21, 2026
Oil and gas rig counts decline in US and Canada
Written by Brett Linton
Drilling activity eased in both the US and Canada this week, receding from multi-month highs, according to recently released Baker Hughes rig count data.
US rig counts fell by five this week to 588 rigs, slipping from the 17-month high reached last week. Prior to this week, activity had steadily increased for nearly two full months. Drilling is up substantially compared to this time last year, with 50 more rigs currently in operation.
Canadian activity eased by three rigs to 216 this week, previously at a five-month high the week prior. Drilling is also substantially higher than the same week of 2025, with 36 more rigs operating currently.
The monthly international rig count was updated earlier this month, showing 1,096 active rigs in July. This was up 23 from the previous month and 17 higher than the same month one year ago.
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.
