Iran’s Oil Minister Resigns Amid Economic Pressures and War Tensions

Iran’s Oil Minister Mohsen Paknejad has stepped down from his role for personal reasons, according to state media reports. Paknejad, who has served as the oil minister since August 2024, tendered his resignation some time ago, and it was recently accepted by President Masoud Pezeshkian. Hamid Bovard, the CEO of the government-owned National Iranian Oil Company, has been appointed as the acting oil minister following Paknejad’s departure.

The resignation comes amid ongoing economic pressures on Iran due to the seven-month-long war between Iran and the US. Despite these challenges, Paknejad had previously stated that oil revenues were still being received and would continue. However, the timing of his resignation suggests it may be linked to the broader economic and geopolitical tensions.

Mehdi Tabatabaei, the communications deputy in the president’s office, confirmed that Paknejad’s resignation was accepted at his insistence. The transition of power to Bovard is effective immediately, as reported by state media on Sunday.