Iranian Oil Minister Mohsen Paknejad officially stepped down from his position amid mounting economic strain on the country’s petroleum sector. President Masoud Pezeshkian accepted the resignation and promptly appointed Hamid Bovard, head of the National Iranian Oil Company, as the acting oil minister. A strict U.S. naval blockade and enforcement actions have brought Iran’s vital crude oil and liquid natural gas exports to a near standstill. The severe economic pressure and disrupted supply chains have forced production cuts and triggered local shortages of gasoline and natural gas. The leadership shakeup follows intense scrutiny over the network of intermediaries handling oil sales and failing to return revenue back to state accounts.

Full report : Citing personal reasons, Mohsen Paknejad steps down from his post as tightening international sanctions and port blockades severely disrupt Tehran’s energy revenues.