Global wine production is expected to fall to its lowest in more than 50 years, according to the International Organisation of Vine and Wine (OIV). The group blamed the decline on extreme weather in Italy, France, and Spain – the world’s top three producers.Total world output is projected to fall 8% from last year to about 247 million hectolitres. This could raise prices and dissipate a global surplus caused by a demand slump in the wake of the financial crisis. According to OIV estimates, Italian…