Last year the cod quota increased by 30 per cent, and was set to record a million tons.
The strong increase in the supply of cod, combined with major challenges in key markets such as Portugal has created a very difficult situation for cod sector in Norway.
"It is good that we have set a quota in accordance with advice of the ocean. It is important that we have a responsible government, and it also provides a signal to the markets about the stability of supply," said Geir Ove Ystmark, FHL.
The Norwegian cod quota for next year is 443,735 tonnes of cod, including 21,000 tonnes of coastal and 7,000 tons of scientific whaling.
The capelin quota for 2014 has been set at 15,000 tonnes in line with oceanographers recommendations. This is much lower than last year's quota.
The haddock quota has also been cut from 200,000 tonnes to 178,500 tonnes.