OCTG
Rig Count Slips in US, Rises in Canada
Written by Becca Moczygemba
November 10, 2023
For the week ended Nov. 10, active rig counts in the US dropped while inching up in Canada, according to Baker Hughes.
US Rig Count
Active rigs in the US slipped by two from the previous week to 616. Oil rigs fell by two to 494, while gas and miscellaneous rigs were unchanged at 118 and 4, respectively.
Compared to the same time last year, the US rig count is down by 163 rigs, with 128 fewer oil rigs, and 37 fewer gas rigs. There are two more miscellaneous rigs.
Canadian Rig Count
Canada’s rig count is up by three from last week to 199. Oil rigs were up one to 125, while gas rigs were unchanged at 74.
The count in Canada is down by one rig from 200 at this time last year, with oil rigs down by eight and gas rigs up by seven.
International Rig Count
The international rig count is updated monthly. The total number of active rigs during the month of October was 962, up by 51 from October 2022.
The Baker Hughes rig count is important to the steel industry as it is a leading indicator of demand for oil country tubular goods (OCTG), a key end market for steel sheet.
A rotary rig rotates the drill pipe from the surface to either drill a new well or sidetrack an existing one. Wells are drilled to explore for, develop, and produce oil or natural gas. Baker Hughes’ rotary rig count includes only those rigs that are significant consumers of oilfield services and supplies.
For a history of the US and Canadian rig counts, visit the rig count page on our website.
Becca Moczygemba
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