Baker Hughes Count: US Hits 588 Rigs While Canada Surges 15 in a Week, Up 48 From Last Year

Baker Hughes released its weekly North America rig count on Friday, July 31, 2026. The US total reached 588 active rigs, up one from the prior week's 587. Canada's count rose 15 rigs to 219. Year-over-year, the US now operates 48 more rigs than it did at the same point in 2025.

US Count Holds at 588 as WTI Settles at $84.67

The US added one rig in the week ending July 31, the smallest positive change possible in the weekly count. Year-over-year, the US runs 48 more rigs than it did in late July 2025, when the count stood at 540. WTI crude settled at $84.67 per barrel in Friday's CME session, up 1.29% on the day, per OilPrice.com. Operators have maintained their 2026 drilling programs at this price level without adding or cutting meaningfully.

Permian Basin Held at 241 Rigs Through July 24

The Permian Basin, the most productive oil region in the US, held at 241 active rigs through the July 24 report, as Oil Authority noted last week (Baker Hughes US Rig Count at 587 as Permian Holds 241 Rigs Despite July Brent Surge). The nationwide addition of one rig this week reflects marginal movement well below basin-level resolution. ConocoPhillips, whose 2021 acquisition of Concho Resources made it one of the Permian's largest operators, has held to the capital restraint that defines its 2026 program. Public E&Ps including Devon Energy have adhered to capital spending plans set at the start of the year.

Canada Adds 15 Rigs in a Single Week

Canada's July 31 count reached 219 active rigs, up 15 from the prior week and 42 higher than a year ago. Summer drilling in Canada typically accelerates through July and August as improved ground conditions support rig mobilization after spring breakup. At WTI above $84 per barrel through July, Canadian operators face drilling economics that support sustaining or expanding programs. Suncor Energy and peers across Alberta benefit from Trans Mountain Expansion capacity that has widened the pool of buyers for Canadian crude versus three years ago.

International Rigs Climb 27 as Non-US Operators Step Up

The Baker Hughes international rig count reached 1,073 for July 2026, up 27 from June's monthly tally. Baker Hughes publishes international counts monthly rather than weekly, making this a one-month change rather than a weekly shift. The 27-rig international monthly gain stands in contrast to the single-rig weekly US addition. US public E&Ps maintain return-of-capital frameworks that cap drilling spend; international operators, particularly national oil companies, respond more directly to sustained crude prices above $80.

Supply Math: What 48 More Rigs Mean for Production

The EIA's Drilling Productivity Report estimated oil production per rig at 1,222 barrels per day, averaged across major US basins. That metric suggests the 48 additional rigs running today versus late July 2025 represent 58,656 barrels per day of incremental new-well production capacity. Oil Authority calculated this as 48 rigs multiplied by 1,222 barrels per rig per day, using EIA's basin-averaged efficiency estimate. Set against the EIA July 2026 STEO projection of 13.8 million barrels per day for full-year US output, the year-over-year rig gain adds less than half a percent to national supply.