text: From an oil rig (not including nat gas), yes the 498 rigs in operation as of last week is a far cry from the high of 1609 in Oct 2014. But it's higher than anytime prior to April 2010.  So if you think this is a low rig count, don't fool yourself.
  
  Canada might temporarily gain share at OPEC's expense but once the US starts working down the 7 million barrels per day it imports, Canada will quickly be displaced by rising US production and the rest of the world will remain oversupplied.