Global wine production hits 50-year low

Due to the bad weather conditions in western Europe, this year’s world wine production is expected to decrease by 8 percent reaching decades-long lows, according to a survey of the International Organization of Vine and Wine (OIV) published on Tuesday.

The Paris-based organization predicts global wine production to fall to 246.7 million hectoliters this year, to the lowest level since 1961. The main reason behind the drop is due to the fact that the weather in the most important areas of production was extremely unfavorable in the world’s top three producing countries, Italy, France and Spain. (MTI)