Is the world running out of wine?

Global wine vineyard is booming with vineyards springing up everywhere from China to the United states,Chile and new Zealand.
But there has been dismay over a recent report by Morgan Stanley,who predicted that there might be global wine shortage soon,Vinophiles took to social media to express their dismay over this sad news.
According to the report,the international demand for has outweighed production by 300 million cases,thereby dropping to it's lowest ebb in over 40 years.
They predicted that the price of wine may go up,because the consumption jumped by 1% last year,and the demand for wine may now overtake the supply thereby leading to an increase in the price.
Anyway France International Organization of vine and wine(OIV) has issued their own forecast that countered Morgan Stanley's report,While Morgan's figures were not actually incorrect,per se,their forecast did not take into account 2013's  production level,which is a healthy state of production for the industry,what's more Spain,Italy,France and Chile produced record wine levels in 2013.
"There is not going to be a wine shortage" says Felicity Carter editor in chief of Meininger's wine business international Magazine.
Carter predicted that there may be a wine shortage for consumers that are extremely price sensitive like parts of eastern Europe,because the cheaper wine that they drink will be diverted to bulk wine that goes into consumption markets.
With poor harvests in recent years due to erratic weather from climate change,Carter acknowledges that it may impact production levels.While consumers  are not going to see a drastic price difference,when purchasing wine from supermarkets,it all depends on the region of wine.