Iran’s Oil Minister Resigns as U.S. Blockade Chokes Crude Exports

Iran’s oil minister, Mohsen Paknejad, has stepped down and President Masoud Pezeshkian has appointed Hamid Bovard, the chief executive of the National Iranian Oil Company (NIOC), as acting oil minister, according to Reuters. The presidency said Paknejad had sought to resign for personal reasons some time ago, and that the president had previously declined the request before accepting it on Sunday. Bovard assumes responsibility for Iran’s petroleum sector as Washington intensifies efforts to halt Tehran’s remaining oil shipments. U.S. Treasury Secretary Scott Bessent reportedly said Iran had no oil shipments left at sea and would generate no oil revenue this week; Iran’s central bank has likewise indicated that oil exports have effectively fallen to zero. Bovard himself has been under U.S. sanctions since February 2025 for involvement in Iran’s petroleum sector and its so-called shadow fleet. Domestically, Iran is also facing fuel supply stress. The National reported a gasoline shortfall of about 10 million liters per day, and Tehran recently raised the price of gasoline bought beyond the subsidized monthly quota after shortages and long queues. Economically, the pressure on oil income is contributing to a broader financial crisis: the rial hit a record low near 2.688 million to the dollar last week and inflation has climbed above 70%, Reuters reported. Bovard, 62, has led NIOC since 2024 and previously ran the National Iranian South Oil Company and the Iranian Offshore Oil Company, with a career focused on oilfield operations. His appointment transfers operational control of Iran’s most important industry to the state oil company’s head at a moment when the government must maintain production and seek routes to market under intense international sanctions and maritime pressure.