Global wine production this year is set to fall to its lowest level since 1961 after harsh weather in western Europe damaged vineyards in the world’s largest production area. As Silvia Antonioli reports, the international wine body OIV says global output is expected to fall to 246.7 million hectolitres in 2017, down 8 percent from last year.
(Reuters) – Wine makers might be drinking to forget this year
Global wine production is set to dive to its lowest level in 56 years
The Paris-based International Organisation of Vine and Wine estimates output will shrink by 8 percent compared to last year
plummeting to levels last seen in 1961.
The culprit is the weather.
OWNER OF PINSON DOMAIN, LAURENT PINSON,
“The vagaries of the climate, especially the very frosty nights we had this year, have affected the harvest in a way that has been difficult to measure until now. It’s true that now it’s the harvest we can see that quantities are greatly diminished compared with what our expectations were.
Suffering the most, are the top three producers: Italy, France and Spain
Their output is seen down by 23, 19 and 15 percent, respectively,
as spring frosts and summer heatwaves take their toll.
The production plunge will likely dent the surplus developed since 2008
when the global financial crisis slashed consumption.
But the effect on prices will depend on the level of stocks from previous years
and the quality achieved in landmark regions.
AMERICAN TOURIST, NATALIA,
“The wine? Amazing….”
The world’s smaller producers are also toasting their comparitive success.
Australia is expected to produce 6 percent more wine than last year while Argentina is set for a whopping 25 percent jump.
They will certainly be raising a glass to that.