According to a Press Release from the International Organisation of Vine and Wine (OIV), world wine production in 2012 is expected to be between 243.5 and 252.9 million hectolitres (Mhl). The OIV believes that this represents the lowest production since at least 1975.
According to the OIV this increase is due to a combination of a decrease in vineyard area (EU, Argentina, Australia) coupled with a poor harvest in the EU. With world wine consumption for 2012 estimated by OIV to be between 235.7 and 249.4 Mhl, the global wine surpless in 2012 will be close to zero.