Iran's oil minister resigns amid economic pressures from US war

Iran's Oil Minister Mohsen Paknejad has stepped down from his position, citing personal reasons, according to state media reports on Sunday. Hamid Bovard, the CEO of the National Iranian Oil Company, will serve as the acting oil minister following Paknejad's resignation. Paknejad, who has held the role since August 2024, submitted his resignation some time ago, and President Masoud Pezeshkian accepted it at the minister's insistence.

The resignation comes as Iran faces economic pressures due to the seven-month-long war between Iran and the US. Before news of his departure, Paknejad assured that revenues from oil sales would continue to flow. In a statement to state media, he said, 'Revenues of the oil that we have sold are still coming and that will continue God willing.'

Mehdi Tabatabaei, communications deputy in the president's office, confirmed the resignation on state TV, noting that Paknejad had expressed his desire to step down earlier. The transition of power to Bovard marks a significant shift in Iran's oil sector leadership during a turbulent period.