Iran oil minister resigns amid US blockade pressure
Iran's Oil Minister Mohsen Paknejad has resigned, citing personal reasons, as the country grapples with a severe decline in oil exports due to a US blockade. President Masoud Pezeshkian accepted Paknejad's resignation on Sunday after previously rejecting his requests to step down. The state-run Islamic Republic News Agency reported the development, which comes amid mounting pressure on Iran's oil industry.
Hamid Bovard, Deputy Oil Minister and Managing Director of the National Iranian Oil Company (NIOC), has been appointed as the interim minister. Bovard has prior experience heading several NIOC subsidiaries focused on oil and gas production and exploration. He now faces the challenge of managing an industry under unprecedented stress from US sanctions and a naval blockade in the Persian Gulf.
The blockade has halted Iran's oil exports, a critical source of revenue, forcing the country to cut production. Iran is also experiencing shortages of gasoline and natural gas, exacerbated by the ongoing seven-month war with the US. The situation has intensified scrutiny of the intermediaries Iran relies on to bypass US sanctions.
Judiciary chief Gholam-Hossein Mohseni-Eje'i has criticized the network of so-called “trustees” who facilitate crude oil sales, accusing them of failing to repatriate the proceeds. The reshuffle in the oil ministry reflects the broader struggles Iran faces in sustaining its energy sector under intense international pressure.