Poor grape harvest to cause global wine shortage - OIVOctober 31, 2012 - 21:28 AMT PanARMENIAN.Net - A poor grape harvest in 2012 is predicted to lead to a shortage of wine across the world. According to BBC News, the International Organization for Vine and Wine (OIV) said that global wine production will fall to its lowest level since records began in 1975. Hardest hit are wine-makers in Argentina, where output will fall 24%, and in the world's two largest wine producers, Italy and France. The OIV said the fall in production was likely to push up prices. Global thirst for wine is growing, especially in the developing world, and demand is expected to outstrip production this year. The organization’s director-general, Federico Castelluci, said: "We're dipping into reserves for supply." Overall production is expected to fall to just under 250 million hectolitres (just over five billion gallons). Last year the world produced 265 million hectolitres. The one major producer to buck the trend is the United States, where output is expected to rise by 7%. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | EU to provide budgetary support to Armenia The agreement is aimed at increasing the competitiveness of the educational system of Armenia. Aliyev: No peace treaty unless Armenia changes constitution Azerbaijan will not sign a peace treaty with Armenia unless the latter changes its constitution, Azerbaijani President Ilham Aliyev said. Azerbaijan proposes Armenia to jointly seek cancelation of Minak Group The Azerbaijani President maintained that the move will show “how sincere Armenia is.” Seven injured in massive gas station explosion in Armenia The Investigative Committee of Armenia has unveiled details about a massive explosion at a gas station on the Yerevan-Sevan highway. |