Iran's Oil Minister Resigns Amid Economic Pressures

Iran's Oil Minister Mohsen Paknejad has stepped down from his position, citing personal reasons. The resignation was accepted by President Masoud Pezeshkian, and Hamid Bovard, the CEO of the National Iranian Oil Company, has been appointed as acting minister. Paknejad had served as oil minister since August 2024, a tenure marked by economic strain due to the ongoing seven-month war between Iran and the US, as reported by Reuters.

Prior to his resignation, Paknejad had assured that oil revenues would continue to flow, stating, 'revenues of the oil that we have sold are still coming and that will continue God willing.' However, the conflict and associated pressures appear to have influenced his decision to leave the post.

Mehdi Tabatabaei, communications deputy in the president's office, confirmed that Paknejad's resignation was accepted after the minister insisted on it. The transition of power to Bovard was announced earlier on Sunday through state media.