It depends largely on the kind of Port. As a style, Port is fairly sturdy because of its high-alcohol content – usually around 19% – which of course acts as a preservative, but the other key is that it's barrel aged. Several years spent in a barrel allows it to slowly build resistance to the corrosive effects of oxygen. Even a LBV (late bottled vintage) usually spends at least 4 years in the barrel before spending the rest of its time aging in a bottle. There are two exceptions to this though: Single Quinta and Vintage Ports (not to be confused with LBV). While all Ports spend some time in a barrel, Single Quinta (a Portuguese wine estate) and Vintage Ports generally spend only a few months on oak and rarely more than a couple of years. So, they go through reductive aging in the bottle and don't have the oxygen-resistance needed for traditional "extended decanting". It's best to drink these Ports within 24 hours of uncorking. You may wonder why the Portuguese do this to Single Quintas and Vintage Ports if it affects the wine's ability to keep so much. Well, just taste one when you have a chance and you'll see why. Single Quintas and Vintage Ports are the most expensive and - in many people's opinion - the most exquisite Ports produced. Despite their carafe handicap, these special Ports age remarkably well before opening. Some of the caves (pronounced KAH-vush) in Vila Nova da Gaia still have bottles of Vintage Port for sale from the 1800s.
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