World's running out of wine, says report

Make the most of that bottle of Merlot tonight: there's a global wine shortage, says Morgan Stanley, and it's only going to get worse.

According to its new report, there was an undersupply of about 300 million cases last year - the worst deficit for nearly fifty years. Demand has risen, particularly in the US and China, which has quadrupled its consumption over the last five years. Meanwhile, production in Europe has dropped by a quarter since 2004.

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