Iran’s Oil Minister Resigns Amid US Sanctions
Iranian Oil Minister Mohsen Paknejad has stepped down from his position, and President Masoud Pezeshkian has accepted his resignation. The announcement came from Mehdi Tabatabaei, deputy head of the presidential office’s communications department, as reported by the semi-state news agency Tasnim.
Paknejad formally submitted his resignation, and Hamid Bovard, the chief executive of the state-owned National Iranian Oil Company, has been appointed as the acting oil minister. Bovard will oversee the ministry during this transitional period.
The resignation occurs amid escalating sanctions from the United States, particularly targeting Iran’s oil sector. However, no specific reason was provided for Paknejad’s departure.
US Treasury Secretary Scott Bessent stated on Saturday that Iran currently has no oil floating at sea, meaning the country will not generate any revenue from oil sales this week.