Bad weather puts a cork in the world's wine production

World Wine Production Descends

Wine production totaled 250 million hectoliters a year ago, down 8.6 percent from 2016, data from the Paris-based International Organisation of Vine and Wine (OIV) released on Tuesday showed.

Global wine production slumped to its lowest level in 60 years in 2017, according to data from the International Organisation of Vine and Wine.

Prices are up 74 percent in Italy, 45 percent in Spain and over 10 percent in France, the European Commission said.

Here's some bad news for wine lovers.

While South Africa enjoyed a boost in production in 2017, analysts say drought conditions will likely impact production in that country in 2018. "When prices go up, it puts a lot of strain on them".

In terms of production, Italy reaffirmed its position as the world's leading wine producer with 42.5m hectolitres, followed by France (36.7 mhl) and Spain (32.1 mhl). Producers were hardest hit in Europe, where heavy hailstorms and harsh frosts damaged vineyards in early 2017 before a summer drought took its toll. Some of the lower quality wines will get blended into slightly higher value products.

Meanwhile in the U.S., California experienced devastating wildfires that destroyed much of the harvest.

Some of the most productive regions in the world, including French, Italian, and Spanish wineries, are typically the most prolific in the world - but production dropped as much as 20%.

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