Iran’s Oil Minister Resigns Amid Economic Pressures

Iran’s Oil Minister Mohsen Paknejad has stepped down from his role, according to state media reports on Sunday. The announcement did not provide any specific reason for his resignation. Taking over as acting oil minister is Hamid Bovard, the CEO of the National Iranian Oil Company (NIOC), following the acceptance of Paknejad’s resignation by President Pezeshkian.

Paknejad had been serving as Iran’s oil minister since August 2024, a position that became increasingly challenging amid the ongoing seven-month war between Iran and the US, which has strained the country’s economy. Despite this backdrop, Paknejad was recently quoted by state media reassuring that revenues from oil sales would continue to flow.