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This year, the International Organisation of Vine and Wine (OIV) has reported that global wine production has hit its lowest level since 1961 due to extreme weather conditions such as frost, rainfall, and drought. Output dipped to 244.1 million hectolitres, down seven percent from last year, as major producing countries like Australia, Argentina, Chile, South Africa, and Brazil had drops in production of between 10 and 30 percent. As stocks are high in many regions and global consumption is decreasing, the expected low production should help bring balance to the world market.
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