It does, but there’s also another factor worth mentioning. The less wine that is in the bottle reflect that more wine has been poured out of the bottle. With each pour, the sloshing back and forth of the wine introduces oxygen. While we should be concerned with the transfer of oxygen to the wine after we are done with it, we also have to be aware of how much oxygen is introduced to the wine while we pour it.
This is why my favorite wine preservation technique is entirely proactive. When I think I am not in the mood to finish a bottle of wine, the first thing I do with the freshly opened bottle is to pour it in a clean half-bottle that I keep just for these purposes.
By filling up a half-bottle like this, I am minimizing the surface area of the wine while at the same time minimizing the introduction of oxygen into the wine. A perfect recipe for best-case scenario wine storage!
Photo courtesy yashima via Flickr/CC