Canada
September 4, 2026
Oil and gas rig counts stable in US, decline in Canada
Written by Brett Linton
Drilling activity held steady in the US but eased in Canada this week, according to recently released Baker Hughes rig count data.
US rig counts held at 588 rigs this week, five rigs shy of the 17-month high seen two weeks prior. Drilling is up substantially compared to this time last year, with 51 more rigs currently in operation.
Canadian activity declined by seven rigs to 204 this week. This count recently reached a five-month high of 219 three weeks ago. Drilling is also substantially higher than the same week of 2025, with 23 more rigs operating currently.
The monthly international rig count was updated this week, totaling 1,102 active rigs in August. This was up six from the previous month and 26 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.
