The figures, compiled by the International Organisation of Vine and Wine (OIV), showed that 250.9 million hectolitres of wine (that’s about 6.63 billion gallons) were produced in 2012, down from 266.8 hectolitres in 2011. The drop has been brought on mainly by extremely hot weather in wine producing regions.
Such a fall in production has also meant that the price of buying white wine in bulk has risen 45% since August last year, and bulk red wines rose 17%.
OIV’s director general, Federico Castellucci, said: ‘In a time of shortage there is less bulk available. It’s starting to create tension in the market.’
According to Bertrand Girard, the chief exec of Group Val d’Orbieu (the largest wine co-operative in France), there will this year be a shortage of around 1.3 billion bottles of wine.
Better stack that cellar.