Talks between the Organization of Petroleum Exporting Countries (OPEC) and Russia have been deadlocked, according to insiders, due to Iraq's refusal to cut oil production more quickly. Bloomberg reports this on Thursday.

Russia and Saudi Arabia would already agree to continue limiting production until August. They do have the condition that other countries realize their own restrictions in time. Iraq does not yet seem to be able to comply with this, unlike countries such as Angola, Nigeria and Kazakhstan.

The Iraqi economy is almost entirely dependent on the oil and gas industry. Due to the low oil price, the country lost approximately $ 11 billion (9.7 billion euros) in revenue during the first four months of the year compared to last year. In May, Iraq made nearly $ 2.1 billion from oil exports.