Tehran, Oct 05 (V7N)- Iranian Oil Minister Mohsen Paknejad has resigned from his post, with President Masoud Pezeshkian accepting his resignation and appointing Hamid Bovard as acting oil minister.
Iranian state media reported on Sunday that Mehdi Tabatabaei, deputy for communications and information in the president's office, announced the resignation and Bovard's appointment.
Iran's presidential office said Pezeshkian had accepted Paknejad's resignation and issued a decree appointing Bovard to temporarily oversee the Oil Ministry. No reason was given in the initial announcement. Reuters later reported that the resignation was attributed to personal reasons.
Paknejad had served as Iran's oil minister since August 2024. His departure comes as Iran's oil sector faces significant pressure amid US sanctions and restrictions on petroleum shipments.
Bovard previously served as managing director of the state-owned National Iranian Oil Company (NIOC). He has spent much of his career working in Iran's oil-field operations and will now oversee the ministry on an acting basis.
The leadership change comes as Tehran faces mounting pressure over its oil exports and revenues. US officials have said measures targeting Iran's petroleum trade have sharply reduced the country's ability to move crude through international markets.
US Treasury Secretary Scott Bessent said Saturday that Iran had no remaining oil shipments at sea and would receive no oil revenue during the current week.
However, recent Reuters reporting said Iranian oil exports had been severely constrained by the blockade, while crude remained in floating storage and some oil continued to be available to buyers.
The appointment of Bovard places a senior oil-industry executive in temporary charge of a ministry that plays a central role in Iran's economy and its efforts to maintain oil revenues amid international pressure.
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