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Global wine production is expected to reach its lowest level in 60 years due to poor weather conditions across the world, according to the International Organisation of Vine and Wine (OIV). The organization predicts a 7% decrease in wine production in 2023 compared to the previous year, marking the worst yield since 1961. Unfavorable weather conditions such as frost, heavy rainfall, and drought have contributed to this decline. Giorgio Delgrosso, the head of statistics at the OIV, described the situation as a "perfect storm" in both the northern and southern hemispheres. The analysis is based on data provided by countries that represent 94% of global wine production. The European Union, responsible for over 60% of the world's wine production, saw a decrease in wine yields in almost every country. This decline has been attributed to a combination of heavy rains and storms in some regions, as well as droughts in others. Spain experienced a 14% reduction in yield, while Italy recorded a 12% decrease due to dry weather. France, however, maintained stable production levels, surpassing Italy to become the world's largest wine producer. Southern hemisphere nations, including Chile and Australia, also faced significant challenges. Droughts and wildfires in Chile resulted in a 20% drop in yields, while Australia experienced a 25% decline compared to the previous year. On a positive note, the United States saw a 12% increase in wine production compared to 2022. Additionally, there is a possibility that falling global demand could offset the impact of low production and prevent a significant drop in wine prices. The OIV suggests that declining consumption, particularly in China since 2018, may help balance out the market. To address falling demand, the French government has announced plans to allocate €200m ($171.6m) to dispose of surplus wine stocks. This financial support aims to assist the industry in adapting to the challenging market conditions.