Global production of wine should fall back to lowest level since 1961

Paris-global wine production this year should fall back to the lowest level since 1961, once the bad weather that struck Europe damaged vineyards the biggest producing region in the world, said the international organisation of vine and wine (OIV) said Tuesday.
General production must fall to 246.7 million hectoliters in 2017, a fall of 8% compared to last year, said the OIV, based in Paris, in its first estimates for the year.
A hectoliter equals 100 liters, or about 133 bottles of wine 750 ml standard.
The overall decline reflects a marked decrease in the production of the European Union, where the three major producing countries in the world – Italy, France and Spain – design a considerable decline.
The European Commission, the EU Executive estimates that the crop of wine will retire to your block lower level in 36 years to 2017 due to adverse climatic phenomena as spring frosts and heat waves in the summer.
In France, the weather affected most of the main cultivation regions, including Bordeaux and Champagne, and the Government projected that production will be the lowest in decades.
The projections of the OIV, which excludes juice and mash (new wine), show the Italian wine production decreasing 23%, to 39.3 million, the French retreating 19%, to 36.7 million, and the Spanish 15%, dropping 33.5 million.
The reduced global production can reduce the surplus of production over demand seen in recent years, when consumption was braked by the effects of the global financial crisis of 2008.
The OIV said he was assuming an average consumption of 240.5 million to 245.8 million HL based on medium and long-term trends, but that still has no solid data demand to 2017.
But the impact of reduced production in market supply and prices depends on the level of stocks from previous years and the quality of wine in the regions they serve.
In France, the largest exporter in the world by value, the producers pointed to the prospect of good quality wines.
Outside Europe, the United States, fourth largest producer and the largest consumer of the beverage, should see little change in production, with 23.3 million Hectoliters, a fall of 1%, according to the OIV.