SharePoint logging not working due to not enough free disk space

I am encountering the following error:

Not enough free disk space available even if all inactive log files are deleted. The tracing service has temporarily stopped outputting trace messages to the log file. Tracing will resume when more than 1124 MB of disk space becomes available

This happens in SharePoint Logging and I can see that there were no logs generated after that error message. 

However, upon checking the disk space, I found out I have more than enough (~5GB). Why is this error still occuring?

MSDN has solutions on resolving this error, namely redirect to another drive, free up disk space, set a limit to the logging size. But I would like to understand why did SharePoint tell me I have insufficient disk space when i clearly have enough.

Thanks in advance!