Paknejad Out: Iran's Oil Ministry Under New Leadership

Iran's Oil Minister Mohsen Paknejad has resigned from his position, according to state media. President Masoud Pezeshkian accepted the resignation and appointed Hamid Bovard as acting minister of the Oil Ministry.

Bovard is the chief executive of the National Iranian Oil Company (NIOC), which he was appointed managing director of early in the Pezeshkian administration under Paknejad's ministry. He has extensive experience within Iran's oil industry, having held senior roles at NIOC and led major operating units.

The change comes amid ongoing external pressure on Iran's energy sector. The Oil Ministry is central to Iran's economy, managing production, exports, and related industries that generate the bulk of the country's foreign-currency earnings.