Iranian Oil Minister Resigns Amid Economic Pressures

Iran's Oil Minister Mohsen Paknejad has stepped down from his role, according to Iranian state media. Hamid Bovard, the CEO of the state-owned National Iranian Oil Company, has been appointed as the acting minister following Paknejad's resignation. The resignation was accepted by President Masoud Pezeshkian, though no official reason for the departure was provided.

Paknejad had led Iran's Oil Ministry since August 2024. Prior to his resignation, state media quoted him stating that revenues from oil already sold continue to arrive and will keep coming. This statement came amid ongoing economic pressures on Iran, exacerbated by a seven-month conflict between Iran and the United States.