Reports of a global wine shortage have been greatly exaggerated.

A Morgan Stanley report released earlier this week said there may not be enough wine in future years because of bad weather and fewer vineyards.

Analysts say wine production has increased significantly with California's harvest expected to reach last year's record of four-million tons.  California is responsible for 90 percent of all U.S. wines and is the fourth-leading wine producer in the world.

The International Organization of Vine and Wine just released a report that predicts that global wine production will see a spike of almost nine-percent in 2013.