Oh Good, Cheap Wine Is About to Get More Expensive
Last year was the worst year for a lot of things. Politics, democracy, and human decency, to name a few. It was also the worst year for wine production since 1957, according to a new report from the International Organisation of Wine and Vine (OIV). Just another kick in the gut from 2017.
Reuters reports that we can thank terrible weather in Europe, like drought and spring frost, for the lowest wine production level in 60 years. In 2015, the harvest produced 27.6 billion liters of wine. In 2016, 26.7 billion liters. Now, we're down to 25 billion liters of wine.
The OIV assured the Independent that this will not cause a wine shortage, mainly because wine is stockpiled and sold years after it is bottled. We'd have to have a shortage for "a few consecutive years" to be at risk for a shortage. Plus, wine production is still going strong in other parts of the world like the U.S., despite the California wildfires.
However, the price of wine has already risen significantly in Italy, Spain, and France, CNN reports, and this bad harvest could affect the price of cheap wine—as in, the kind that isn't stockpiled to be lovingly opened on an anniversary 10 years from now.
"The wine companies that are targeting very low prices...will be hit the worst, because their margins are very low," Stephen Rannekleiv, a global beverages strategist at Rabobank, told CNN. "When prices go up, it puts a lot of strain on them."
Add this to the news of the impending tequila shortage, and we might as well quit booze altogether and start drowning our sorrows in skim milk.
This story originally appeared on Esquire.com.
* Minor edits have been made by the Esquiremag.ph editors.