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International Business Times
International Business Times
Business

Iran's Oil Minister Resigns As Exports Dry Up Due To U.S. Blockade And Tehran's Economic Crisis Deepens

Iranian Rial banknotes (L) next to U.S. Dollar notes (R). (Credit: GETTY IMAGES)

Iranian state television claimed that Mohsen Paknejad, who has served as oil minister since August 2024, had already tried to resign before due to personal reasons, a request which Iranian President Masoud Pezeshkian refused. However, the presidential office claims to have accepted the resignation after Paknejad insisted.

"With acceptance of Mohsen Paknejad's resignation by Dr. Pezeshkian [the country's president], Hamid Bovard has been appointed as acting oil minister," Iranian state media said, citing an official from the presidential office. The presidential official praised Paknejad's "efforts and sincere service."

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