After years of reduced quota for cod in the Barents Sea region, Norway and Russia have agreed to increase the total allowable catch (TAC) in 2020 for Barents Sea cod. The new cod quota is to be set at 738,000 tonnes, although the official announcement is expected to come before the end of the month. This represents an increase of 1.8% compared to the 2019 quota, which was set at 725,000 tonnes.
Mintec prices for Norwegian cod have been trending up since 2014, reaching the highest level in more than 10 years in July 2019, up by 59% compared to January 2009. This continued price increase reflects the constant cuts seen to the TAC of cod.
The quota for haddock is also set to rise in 2020, as per the International Council for the Exploration of the Sea (ICES)’s recommendation of 215,000 tonnes - up 25% from the previous 2019 quota of 172,000 tonnes.
The total cod TAC for 2020 is mainly distributed between Norway, Russia on percentages according to the previous years. This will give Norway a total quota of 334,277 tonnes for cod and a total of 105,159 tonnes for haddock.