The talks between oil cartel OPEC and Russia have been deadlocked, according to insiders, due to Iraq's refusal to limit its own oil production more quickly, Bloomberg news agency reported Thursday.

Russia and Saudi Arabia would be willing to limit production until August, provided other countries realize their own restrictions in a timely manner. 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.