Iranian Oil Minister Resigns Amid Growing Economic and Wartime Pressures
Iranian Oil Minister Mohsen Paknejad has resigned amid severe economic pressure and a US-led blockade impacting the country's oil exports and national currency.
Iranian Oil Minister Resigns Amid Escalating Economic Crisis
Iranian Oil Minister Mohsen Paknejad has resigned from his post, state media reported on Sunday, without providing an official reason. Hamid Bovard, the head of the National Iranian Oil Company, has been appointed as acting oil minister.
Paknejad had served in the position since August 2024. His departure comes amid mounting pressure on Iran's economy during the ongoing war between Iran and the United States.
"The resignation of Mohsen Paknejad was accepted by Dr. Pezeshkian, the President of the country, and Hamid Bovard was appointed as acting oil minister," a presidential office official stated.
Economic Strain and Oil Exports Blockade
Shortly before the announcement, Paknejad was quoted by state media as saying that oil revenues from previous sales were still arriving. However, reports indicate that American naval blockades have severely restricted new exports, plunging the country into a severe fuel and cost-of-living crisis.
During a high-level government meeting, senior security official Mohsen Rezaei candidly acknowledged the immense difficulties facing the national economy. Meanwhile, public and private sector employees have reported resigning as wages fail to keep pace with soaring inflation and the collapsing Iranian rial.
