Iran’s Oil Ministry maintains full production amid economic challenges

Iran’s Oil Ministry is maintaining full production capacity amid ongoing challenges. On October 5, 2026, newly appointed Oil Minister Hamid Bovard emphasized the need to restore facilities damaged during conflicts and sustain crude oil sales. He stated these efforts are crucial for Iran to navigate upcoming economic hurdles. Bovard also stressed the importance of ensuring a stable fuel supply during the winter months, noting that current fuel reserves are adequate.

Bovard called for measures to reduce gas consumption by 10%, highlighting the need for responsible usage. He also underscored the role of petrochemical exports in boosting foreign currency revenues and supporting Iran’s economy. Bovard urged the removal of export barriers to maximize the sector’s potential.

The announcement follows the resignation of former Oil Minister Mohsen Paknejad on October 4, with Bovard, previously deputy oil minister and CEO of the National Iranian Oil Company, taking over the role.