Iranian Oil Minister Resigns; Last Oil Tankers About to Deplete
2026-10-05 03:25:17
According to CoinMeta, Iranian Oil Minister Mohsen Paknejad resigned on Sunday, with no reasons given by the state media. A few hours prior to his resignation, he stated that oil revenues continued. However, Iran did not load any oil at export terminals in September, for the first time since the 1979 revolution. Iran's last oil tankers are nearing depletion, and the office of Iranian President Mahmoud Ahmadinejad announced the acceptance of his resignation. In his final public speech before resigning, Paknejad mentioned, "The oil revenues we have sold continue to come in; may God bless us." These revenues came from oil sold before mid-July. Subsequently, the US Navy reimposed a blockade on Iranian ports. Since then, Iran has had to rely on crude oil on tankers that were outside the blockade. According to data from the ship tracking company Kpler, this inventory was 90 million barrels in mid-July and dropped to about 29 million barrels by early September, with an expected depletion by mid-October. Iran's currency, the rial, has fallen to a historic low of 2.7 million rials per dollar.
Source:BeInCrypto
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