Executives in the North Atlantic whitefish industry are cautioning the market to expect sharp rises in prices for cod and haddock in the coming months as supplies tighten and demand spikes amid strong signs COVID-19 is losing its grip over European countries in particular.
Russian and Norwegian negotiators agreed on 2022 quotas for the Barents Sea cod and haddock fisheries, signaling a roughly 20 percent drop in allowable catches for the main species of both cod and haddock.
The quota cuts -- in-line with scientific advice from the International Council for the Exploration of the Seas (ICES) -- will inevitably result in lower volumes on the market.
