Iran’s oil minister, Mohsen Paknejad, has resigned from his position due to personal reasons, according to officials from the Iranian presidential office on Sunday, October 4th. He will be replaced by Hamid Bovard, the chief executive officer of the National Iranian Oil Company (NIOC), as the acting oil minister.
Paknejad’s resignation comes at a time when the United States has increased sanctions on Iran’s maritime oil transportation, effectively cutting off the Iranian regime’s oil revenue. Paknejad has been serving as the Iranian oil minister since August 2024.
Mehdi Tabatabaei, the deputy responsible for communication affairs at the Iranian presidential office, informed Iran’s state television that Paknejad had submitted his resignation “a long time ago” for personal reasons. Only after his insistence did President Masoud Pezeshkian ultimately accept the resignation.
Tabatabaei stated on Sunday, “With President Pezeshkian accepting Mohsen Paknejad’s resignation, Hamid Bovard has been appointed as the acting oil minister.”
Before the announcement of Paknejad’s resignation, Iranian state media quoted him as saying that proceeds from the sale of oil were still being received and would continue to do so. However, the United States has stated that its maritime blockade and sanctions have prevented Iran from accessing oil-related revenue.
During an episode of the Axios Show that aired last Saturday, October 3rd, US Treasury Secretary Scott Bessent mentioned that the US is economically isolating Iran to an unprecedented extent.
“In terms of barrels of oil transported through the Strait of Hormuz, the US is about 1.1 billion barrels, while Iran is zero,” Bessent said. “This week will be the first time in history since Iran started oil production that they will have no oil being transported on the sea, they will have no (related) income.”
(This article was referenced from a report by Reuters)