Iranian oil minister steps down

Iranian Oil Minister Mohsen Paknejad has resigned from his position, the President's office announced on Sunday. This move comes amid ongoing challenges for Iran, including long petrol station queues caused by the ongoing war and US sanctions. Paknejad, who has been a part of President Masoud Pezeshkian's cabinet since August 2024, did not provide a reason for his resignation.

Following Paknejad's departure, Hamid Bord, CEO of the National Iranian Oil Company (NIOC), has been appointed as the acting Minister of Oil through a decree from the president. Bord has a strong background in the oil sector, having held senior positions at NIOC and previously led several of its operating units, including the National Iranian South Oil Company and the Iranian Offshore Oil Company.

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