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4 Oct 2026, 18:12

Iran's Oil Minister Resigns Following Revelation of Complete Halt in Crude Oil Loading

On Sunday, October 12, the Deputy for Communications and Information of the Iranian President's Office announced that the resignation of Mohsen Paknejad, the Oil Minister, was accepted by Masoud Pezeshkian.

Mehdi Tabatabai wrote on X that Hamid Bord has been appointed as the caretaker of the Ministry of Oil. Bord was previously serving as the Deputy Minister and CEO of the National Iranian Oil Company. Paknejad's resignation from the Ministry of Oil comes at a time when the U.S. maritime blockade against Iran, which began its second phase on July 14, has severely reduced Iran's oil exports.

The U.S. Treasury Secretary announced on October 1: "Iran loaded zero barrels of crude oil onto tankers in September," adding that the Trump administration is cutting off the "most vital source of revenue" for the Islamic Republic. Initial tanker tracking data published by Bloomberg, as well as information from companies like Kpler and Vortexa, indicates that no crude oil loading from Iranian ports was recorded throughout September.

Scott Bessent stated last week in an interview with Fox News that the U.S. government's estimate is that about 15 million barrels of Iranian oil are still en route for delivery, primarily to China, and after these shipments are delivered, Tehran will have "nothing to trade for anything else."

Just hours before his resignation, Mohsen Paknejad stated in a video released by Iranian media that the revenue from sold oil is being "collected" and this process continues.
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