Iran’s oil minister resigns as country’s economic crisis worsens

Iran’s oil minister has resigned amid a financial crisis, as the country faces severe economic strain including soaring inflation and a sharp decline in oil revenue. The departure follows allegations that an intermediary trust handling Iranian oil exports owed millions in unpaid export receipts to the government. The slump in oil earnings has triggered a major foreign exchange shortfall and one of the steepest devaluations of the national currency since the 1979 revolution. With inflation exceeding 80%, the resignation underscores deepening financial instability in the country.

Departure comes amid large drop in oil receipts, rampant inflation and shrinking economyIran’s oil minister has resigned days after allegations that an intermediary trust selling Iranian oil abroad owed millions of dollars’ worth of export receipts to the state.Mohsen Paknejad’s departure comes as Iran grapples with a dire economic situation, including inflation running at 85%. An overall drop in oil receipts has led to a massive shortfall in foreign exchange earnings and one of the biggest drops in the value of the rial since the Iranian revolution in 1979. Continue reading...