I looked into this at back when the GDPR came into effect [0]. I am not a lawyer but in summary:
Web sites are allowed to log data (including visitor requests and IPs) required for the smooth running of the site. It could be argued that keeping logs allows for trouble-shooting so web server logging is probably OK in most circumstances.
However, there is no reason to keep months/years of logs around. Having this data is actually a liability under the GDPR and you should be aggressively deleting logs after a few days.