The International Organization of Vine and Wine has recently released projections of wine production in 2017. It does not look good. By their forecast wine production will fall approximately 8.2% in 2017. They blame this calamity on poor climate conditions in Europe, which saw the largest declines in production.
Do not despair or start loading up on wine too soon, these numbers are only preliminary estimates. Using the previous press releases I found that the revisions to the estimates tend to be positive. Initial estimates are revised upwards by about 2 percent on average, but they could increase by as much as 7 percent.
However, if the drop off in production is realized we can expect higher prices at the liquor stores over the next year, particularly for European wines. Based off the OIV press release, Argentinian wine might be the way to go since their production is estimated to have increased by 25 percent.