(Ecofin Agency) - Highlighting the severity of the sustained decline in global oil prices on those countries that rely most on the industry for its revenue sources, Libya however, has proclaimed a $3.3 billion budget shortfall for the first seven months of the year. Forbes reports

Besides producers like Algeria and Venezuela, Libya has witnessed drops in revenue as a result of lower prices, but has also faced declines and unsteadiness when it comes to production. Since 2011, the country has grappled with an unsteady political and security situation that has made sustaining output especially difficult.

Not long ago, a car bomb discharged in front of the headquarters of NOC and Italy’s Eni, illuminating challenges for international firms currently operating in the country.

Libya is now producing less than 400,000 b/d, according to reports. Since the collapse of the long-standing government of Muammar Gadhafi, a deadly mix of security and financial issues have made the constant energy production sector difficult to maintain, threatening an economy that looks to oil revenue for much of its support, drawing down the country’s oil output to just a 15% capacity.

The report also affirmed that “Libya spent $11 billion from ‘foreign currency money’ in the first seven months’, adding that “in the same period a year ago $24.8 billion had been used up.” Also facing pressures from falling prices, neighboring Algeria declared this past week that it would reduce spending by up to 10 % as the drop puts pressure on revenue streams.