We're going to start stockpiling now, thank you.
Apologies to all the oenophiles out there, but global wine production is set to slump to the lowest levels in more than 50 years.
Poor weather caused the dip in production in France, Italy, and Spain in particular, according to the figures released by the International Organization of Vine and Wine. An 8-percent decrease is predicted for 2017, making it the worst global harvest since 1961. Severe frost in April played a large role in the drop.
Output in Italy is predicted to drop by 23 percent, France by 19 percent, and Spain by 15 percent.
The global production levels could drop even further once the wildfires that have ravaged the wine-producing region of Napa Valley in California are accounted for. The raging wildfires killed more than 40 people, forced tens of thousands from their homes, and scorched more than 220,000 acres of land.
“It’s a keen reminder that wine production remains at the mercy of the weather,” Miles Beale, chief executive of the Wine and Spirit Trade Association, a U.K. trade body, told The Wall Street Journal.