Politics
Iran's oil minister resigns as economic crisis deepens
October 5, 2026 at 06:33 PM
Coverage
2 reports · 1 in Arabic, 1 in English · over 7 hours
Iran's oil minister Mohsen Paknejad has resigned as the country's economy contracts under 85% inflation and a falling rial.
- President Masoud Pezeshkian accepted the resignation, which Paknejad attributed to personal reasons.
- Hamed Bovard, CEO of the state-owned National Iranian Oil Company, will serve as acting oil minister.
- The Farhikhtegan newspaper alleged a trust set up on Paknejad's watch owed the National Iranian Oil Company nearly $2bn in revenues.
- Parliament's energy commission spokesperson Reza Sepahvand has announced an inquiry into the matter.