One of Canada’s largest oil companies is urging the Alberta government to intervene directly in the market to cut the province’s crude production and boost severely depressed prices.

Cenovus Energy Inc. chief executive Alex Pourbaix said the province is facing a “wholesale economic catastrophe” that justifies the government departing from free-market principles and ordering companies to reduce their production of oil.

Any move by Alberta to enact limits on the amount oil producers can send to market would mark a strategic shift in a province that has long promoted free enterprise and open competition among players in its most important sector. But some say the current industry crisis calls for emergency measures.

Bilal Khan is the new managing partner and head of Deloitte Data

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