( CNN ) -- Global wine production is booming with vineyards springing up everywhere from China to the United States , Chile and New Zealand . But when a recent report authored by Morgan Stanley Research predicted a looming global wine shortage , vinophiles took to social media to express their dismay over the bleak news . The report stated that the international demand for wine outweighed production by 300 million cases in 2012 -- dropping to its lowest point in over 40 years . With worldwide consumption jumping by 1 % last year , the researchers concluded demand could overtake supply in the coming years pushing the price of wine up . As the viticulture chaos ensued , France 's International Organization of Vine and Wine ( OIV ) released their very own forecast report that countered Morgan Stanley 's analysis . While Morgan Stanley 's figures were n't incorrect , per se , their forecast did not take into account 2013 's production levels which actually show a return to 2006 production levels , a healthy state of production for the industry . What 's more -- Spain , Italy , France and Chile produced record wine levels in 2013 . `` It 's how you interpret those figures . For all intents and purposes , for those of us in the West who are consumers , no -- there is not going to be a wine shortage , '' says Felicity Carter , editor-in-chief of Meininger 's Wine Business International magazine . `` The question is whether there is going to be a wine shortage for consumers in markets that are extremely price sensitive -- like parts of Eastern Europe -- because the cheaper wine that they drink will be diverted to bulk up wine that goes into big consumption markets . '' Carter echoes the OIV report pointing to the significant increase in production in EU countries like Croatia , Greece , Hungary and Romania and if vineyards from these areas could find stronger distribution avenues within the international market , there will be plentiful bottles to go around . With poor wine harvests in recent years thanks to erratic weather from climate change , Carter acknowledges this could impact wine production levels . While consumers are not going to see a drastic price difference when purchasing wine from supermarkets , she says it all depends on the region of wine . `` The Burgundy harvest and the Bordeaux harvest this year have been abysmal ... If you wanted wine from the 2013 Burgundy or some parts of France , you 're going to have a big problem . You will probably pay a lot more for those wines , '' she explains . `` The question is can you substitute other types of wine for those ? Now , the answer is yes . '' She adds : `` Morgan Stanley , by the way , were not wrong in what they said . They did use very good figures and they do know what they are talking about but the world of wine is just so complex . ''
World is facing a significant wine shortage , according to Morgan Stanley report . Industry experts release global production report countering Morgan Stanley findings . Old world wines continue to stabilize after poor harvests in recent years , say experts .