Global wine shortage 'deepest in 40 years'
The world is facing its biggest wine shortage in 40 years according to a report by Morgan Stanley Research in the US.
The report suggested that global demand in 2012 exceeded supply by 300 million cases.
It said Europe faced “plummeting production” because of “vine pull and poor weather” and that the global situation was “the deepest shortfall in over 40 years of records”.
The report's authors, analysts Tom Kierath and Crystal Wang, said that “inventories will likely be reduced [in the short-term] as current consumption continues to be predominantly supplied by previous vintages”.