A study by Morgan Stanley reports a sharp reduction in the amount of wine being produced by France, Italy and Spain, who combined account for 60% of the global supply.  Last year there was a global undersupply of 300 million cases.

Global consumption, meanwhile, is on the rise, in large part because American and Chinese palates are becoming more sophisticated.  In the U.S. wine consumption has doubled since 2000.  In China it has double twice in the past five years.

By the same token, another report released this week by the International Organization of Vine and Wine predicts there will not be a shortage, so you can choose the report you care to believe.

Houston Sommelier Ryan Levy, co-owner of The Nice Winery in Houston and a le Cordon Bleu trained chef chooses to not believe wine will run short.

“The last two years in Napa we’ve had bumper crops.  We’ve had amazing bumper crops this year and last, so I’m not sure where the idea of a global wine shortage is coming from,” says Levy.

Texas is the #5 producer of wine in the United States, and #7 in growing grapes for wine, according to the state industry’s website.

“It’s great news for American growers, and especially as we here in Texas are trying to commit more acreage to grape cultivation and there’s a big push to covert more land in the panhandle to grapevine,” Levy tells KTRH News. “I think the quality of Texas wine gets better every year.”