Iran oil minister resigns citing personal reasons

Dubai Iran’s Oil Minister Mohsen Paknejad has resigned for personal reasons, with Hamid Bovard, chief executive of the state-owned National Iranian Oil Company, appointed as acting oil minister, Iranian state media reported. Paknejad, who had served as oil minister since August 2024, submitted his resignation some time ago, according to Mehdi Tabatabaei, communications deputy in President Masoud Pezeshkian’s office. He said the resignation was accepted by Pezeshkian at Paknejad’s insistence. “With acceptance of Mohsen Paknejad’s resignation by Dr. Pezeshkian, Hamid Bovard has been appointed as acting oil minister,” Tabatabaei said, according to state media. The leadership change comes as Iran’s economy faces pressure from the seven-month-old war with the United States. The conflict has affected the country’s energy sector and created challenges for oil exports and government revenues. Before news of his resignation emerged, Paknejad was quoted by Iranian state media as saying that revenues from oil already sold were continuing to reach the country and would continue to do so. Bovard, who heads the National Iranian Oil Company, will take charge of the ministry on an acting basis. The government has not announced how long he will remain in the position or when a permanent successor to Paknejad will be named. Iran is a major oil producer and a member of the Organisation of the Petroleum Exporting Countries. The oil sector remains a crucial source of revenue for the country, making the ministry a key part of the government’s economic management during the ongoing conflict. Paknejad’s resignation was officially attributed to personal reasons, while Iranian authorities have not linked his departure directly to the economic pressure caused by the war.