Bovard Named Acting Iran Oil Minister Following Paknejad Resignation

Iran's oil industry is facing another shake-up as Oil Minister Mohsen Paknejad has resigned, according to state media. Hamid Bovard, CEO and Managing Director of the National Iranian Oil Company (NIOC), will take over as acting minister. The reason for Paknejad's resignation was not provided by state media.

Paknejad had been oil minister since August 2024, a time when Iran has been under economic pressure due to its ongoing war with the US. In his last public statement before resigning, Paknejad said that 'revenues of the oil that we have sold are still coming and that will continue God willing.'