Iran’s Oil Minister Resigns as US Sanctions Squeeze Exports

Iran’s Oil Minister Mohsen Paknejad has resigned, citing personal reasons, as the country struggles to maintain its oil industry under intensifying US sanctions. President Masoud Pezeshkian accepted Paknejad’s resignation on Sunday, after previously rejecting several of his requests to step down, according to the state-run Islamic Republic News Agency.

Hamid Bovard, the Deputy Oil Minister and Managing Director of the National Iranian Oil Company, has been appointed as interim minister. Bovard brings extensive experience, having previously led several NIOC subsidiaries focused on oil and gas production and exploration.

The new interim minister faces significant challenges, as Iran’s oil industry grapples with unprecedented pressure from US sanctions. The blockade has severely restricted the country’s oil exports, creating a difficult environment for the sector.