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Iran's Oil Minister Mohsen Paknejad Resigns; Hamid Bovard Appointed Acting Minister
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CNBC TV18•05-10-2026, 07:06
Iran's Oil Minister Mohsen Paknejad Resigns; Hamid Bovard Appointed Acting Minister
- •Iran's Oil Minister Mohsen Paknejad has resigned for personal reasons, according to state media reports.
- •Hamid Bovard, chief executive of the National Iranian Oil Company, has been appointed as the acting oil minister.
- •Paknejad had served as oil minister of the OPEC member country since August 2024.
- •His resignation comes amidst the seven-month-old war between Iran and the US, which has put pressure on the country's economy.
- •President Masoud Pezeshkian accepted Paknejad's resignation at his insistence, as confirmed by Mehdi Tabatabaei from the president's office.
Key Questions Answered
Mohsen Paknejad resigned for personal reasons, which communications deputy Mehdi Tabatabaei noted had been submitted a long time ago and were accepted by President Masoud Pezeshkian at Paknejad's insistence.
Hamid Bovard, the chief executive of the government-owned National Iranian Oil Company, has been appointed as the acting oil minister following the acceptance of Paknejad's resignation.
Mohsen Paknejad had been serving as the oil minister of the OPEC member country since August 2024 before his resignation.
