Paknejad Resigns as Iranian Oil Minister Amid Ongoing War with US
Iranian Oil Minister Mohsen Paknejad has resigned after serving in his position since August 2024. The move comes amid a prolonged war with the US, which has added pressure on Iran's economy and oil industry.
The conflict has created uncertainty around exports and government revenues, causing growing pressure on the vital oil industry. Paknejad had sought to reassure the public about oil earnings just before news of his resignation emerged, saying 'Revenues of the oil that we have sold are still coming and that will continue God willing.'
Paknejad's resignation has been accepted by President Masoud Pezeshkian, who has appointed Hamid Bovard as acting oil minister. Bovard is the chief executive of the state-owned National Iranian Oil Company (NIOC), which he has led.