Oil is down, fish is up. Photo: Seafood.no, facebook.com/sjomatradet

Salmon costs more than oil

While the price of oil has reached its lowest level in more than a decade, the price of salmon is now the highest since the 1980s. One salmon at the moment sells for about NOK 292. One barrel of oil costs slightly less – NOK 276.
January 13, 2016

2016 has started very well for the Norwegian aquaculture sector. This week a 4-5 kilo large gutted and packed salmon sells for NOK 65 (€6.74). In other words, a 4.5-kilo salmon is worth NOK 292 (€30.29). On Tuesday the price of one barrel of Brent oil was $ 31, or NOK 276 (€ 28.63), website iLaks reports. 

A Norwegian salmon analyst said Friday that the supply situation is challenging for the next six months, since cold weather now flooding Norway will reduce sea temperatures, feeding, and growth with a negative impact, iLaks reports. 

Norway exported salmon worth NOK 47.7 billion in 2015. This is an increase of 9 percent or NOK 3.9 billion compared with 2014, and it is the highest export value ever for salmon, the Norwegian Seafood Council reports. 

“A record-high volume in combination with record-high prices has taken Norwegian salmon exports to new heights in 2015. This was despite a closed border with Russia. The record year is due mainly to strong growth in demand in the neighbouring markets in the EU and a drafting effect from a weaker Norwegian krone compared with the euro and the U.S. dollar,” says Paul T. Aandahl, Analyst with the Norwegian Seafood Council.

Measured in product weight, Norway exported 1,035,000 tons of salmon in 2015, which is 3.7 per cent more than the year before.

 

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