Paknejad Steps Down as Iran's Oil Minister Amid War-Driven Economic Strains

Iran's oil minister, Mohsen Paknejad, has stepped down from his position, according to state media. The resignation comes as the seven-month war between Iran and the US puts pressure on the country's economy.

Paknejad was appointed as oil minister in August 2024 and will be succeeded by Hamid Bovard, the chief executive of the National Iranian Oil Company, who has been named acting minister. State media cited an official at the president's office as saying that Paknejad's resignation had been accepted.

Paknejad was quoted by state media just before his resignation, stating 'revenues of the oil that we have sold are still coming and that will continue God willing.'