Iran's Oil Minister Mohsen Paknejad has resigned, with Hamid Bovard, chief executive of the state-owned National Iranian Oil Company (NIOC), appointed as acting oil minister, according to Iranian state media.
State media reported on Sunday that President Masoud Pezeshkian had accepted Paknejad's resignation, which it stated was for personal reasons; no further details have been provided regarding the reason for his resignation.
“With acceptance of Mohsen Paknejad's resignation by Dr Pezeshkian, Hamid Bovard has been appointed as acting oil minister,” state media quoted an official in the president's office as saying.
Paknejad had served as Iran's oil minister since August 2024, overseeing the energy sector of the OPEC member state during a period marked by economic challenges and geopolitical tensions.
His resignation comes as Iran faces mounting economic pressure from its seven-month conflict with the United States. The war has weighed heavily on the country's economy, with rising costs affecting businesses and households alike.
Just hours before news of his resignation emerged, Paknejad had sought to reassure the public about Iran's oil revenues.
“Revenues of the oil that we have sold are still coming and that will continue, God willing,” he was quoted by state media as saying.
Bovard, who currently leads the National Iranian Oil Company, will oversee the ministry on an interim basis until a permanent successor is named.
The oil sector remains a critical source of revenue for Iran, whose economy continues to grapple with the impact of conflict, sanctions and broader regional instability.
No further details have been provided regarding the circumstances surrounding Paknejad's resignation.
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