Iran Oil Minister Paknejad Resigns; Bovard Named Acting Chief

Iranian President Masoud Pezeshkian has accepted the resignation of Oil Minister Mohsen Paknejad and appointed Hamid Bovard, chief executive of the state-owned National Iranian Oil Company, as acting oil minister, according to Iranian state media and Reuters on Sunday.

Mehdi Tabatabaei, deputy head of communications at the president’s office, said Pezeshkian issued an order for Bovard to temporarily lead the Petroleum Ministry. No public reason was given for Paknejad’s departure. Iranian outlets and Reuters described Bovard as a caretaker rather than a confirmed permanent replacement.

Change comes under US blockade pressure

The leadership switch lands as Washington’s naval blockade and “Operation Economic Outcast” sanctions campaign have squeezed Iranian oil revenue, and as Tehran keeps the Strait of Hormuz largely closed until the United States meets conditions tied to a June memorandum. US Treasury Secretary Scott Bessent said on Saturday that Iran would have “no oil on the water” this week and therefore no revenue from such cargoes.

Paknejad had served as oil minister since September 2024 and oversaw production and exports through months of war, sanctions and Hormuz disruption. In September he publicly argued that Iranian crude shipments had continued despite attacks on energy infrastructure and shipping risks around the strait. Reuters has reported that Iranian oil flows were sharply constrained after a US blockade of Iranian exports began in April.

NIOC chief takes interim charge

Bovard’s elevation from NIOC chief gives the ministry an operator already running day-to-day production and export logistics. Iran remains a major OPEC producer, so markets and OPEC partners will watch whether the caretaker period brings any shift in export strategy, domestic fuel management or coordination with foreign energy partners.

Iran International’s Sunday live blog reported the resignation within minutes of the presidential office announcement, matching Reuters and other outlets citing state media. The Candor Post could not independently verify any private motive for the resignation; officials have not said whether politics, performance or wartime economics drove the move.

Paknejad’s exit also coincides with a steeper slide in the rial and renewed debate in Tehran over currency support, as the blockade and war squeeze the states main hard-currency earner. A permanent nominee would still need parliamentary confirmation under Iran’s cabinet rules.