OCTG
Oil and gas drilling pulls back considerably in Canada, steady in US
Written by Brett Linton
March 21, 2025
The latest tally of active oil and gas rigs operating in the US rose by one this week, while Canada’s tally saw a decline of 19, according to Baker Hughes. US rig counts remain slightly above multi-year lows, while Canadian activity is tapering off following a seasonal peak.
The US rig count has been steady between 592 and 593 for five consecutive weeks, marginally higher than the three-year low of 576 rigs recorded in late January. Drilling activity in the US has been at reduced levels for the last 21 months.
Meanwhile, Canada’s rig count declined by 19 this week to 180. Canadian activity tends to spike in January and February, then decline into April as warming temperatures and melting snow/ice make roads and drilling sites difficult to access. The Canadian rig count peaked near a seven-year high in late January.
The international rig count is a monthly measure that is updated at the beginning of each month. February’s count was 905 rigs, in line with January’s count but 53 below the same month last year.
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.
For a history of the US and Canadian rig counts, visit the rig count page on our website.
Brett Linton
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