US and Canada drill rig counts stay near multi‑month highs

The Baker Hughes weekly rig count shows the United States held 587 active oil‑and‑gas rigs this week, a slight decline of one unit but still near a 15‑month high. The oil‑rig segment fell to 450 rigs while gas rigs rose to 127, a modest increase over the same period last year. U.S. crude output slipped to 13.798 million barrels per day in the week ending July 17.

In Canada, the rig tally rose to 204, marking a four‑month high and an increase of six rigs from the previous week, bringing the count to 22 more than a year ago. The combined international rig count reached 1,073 in June, up 27 rigs from May but two fewer than June 2025. The Baker Hughes count is closely watched as a leading indicator of demand for oil‑country tubular goods (OCTG), a key market for the steel industry.