Drought and disease have led to the lowest wine production in 60 years, according to the International Organisation of Vine and Wine (OIV). The 2023 harvest is expected to be between 241.7mhl and 246.6mhl, representing a 7% drop from 2022 and the smallest harvest since 1961. The decrease in wine production is attributed to extreme weather conditions and declining global consumption, but it could help alleviate oversupply in the market.