Iran’s oil minister has resigned as the U.S. blockade pushes the country’s crude exports and oil revenues toward zero, handing control of Iran’s most important industry to the head of the National Iranian Oil Company.
President Masoud Pezeshkian accepted Mohsen Paknejad’s resignation on Sunday and appointed NIOC chief Hamid Bovard as acting oil minister, according to Рейтер. The president’s office said Paknejad had asked to resign for personal reasons “a long time ago” and Pezeshkian had previously rejected his request.
Bovard takes over with Washington trying to cut off Iran’s remaining oil exports. U.S. Treasury Secretary Scott Bessent said Saturday that Iran had no oil shipments remaining at sea and would generate zero oil revenue this week, according to Anadolu. Iran’s central bank governor said in August that the country’s oil exports had effectively fallen to zero.
Just hours before his resignation was announced, Paknejad was quoted as saying revenues from oil already sold were still reaching Iran and would continue, according to Reuters.
Bovard is already under U.S. sanctions. The U.S. Treasury designated him in February 2025 for operating in Iran’s petroleum sector as part of sanctions targeting Iran’s oil industry and its so-called shadow fleet. At the time, the Treasury identified Bovard as both Iran’s deputy oil minister and NIOC managing director.
Iran is also struggling with fuel supply at home. The National reports that the country faces a gasoline deficit of roughly 10 million liters per day. Tehran raised the price of gasoline purchased above the subsidized monthly quota last month after shortages and queues at filling stations.
Bovard, 62, has headed NIOC since 2024 and previously ran the National Iranian South Oil Company and Iranian Offshore Oil Company. He has spent much of his career in oilfield operations.
The pressure on oil revenues is feeding into Iran’s wider financial crisis. The rial fell to a record low of about 2.688 million to the dollar last week, while inflation has climbed above 70%, according to Рейтер.
Paknejad had run the Oil Ministry since August 2024. His departure leaves Bovard responsible for maintaining production and finding a route to market for Iranian crude while Washington tries to prevent those barrels from leaving the country.
Чарльз Кеннеди, Oilprice.com
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