Iran's Oil Minister Resigns as Export Terminals Sit Empty

Mohsen Paknejad, Iran's oil minister, resigned on Sunday. State outlets did not provide a reason.

Just hours earlier, he stated that revenue from oil sales was still arriving. However, according to Fortune, Iran did not load any crude at its export facilities in September—a first since the 1979 revolution.

Iran’s Last Oil Cargoes Are Running Out

A representative from President Masoud Pezeshkian's office confirmed that the president had accepted the resignation. Shortly before the announcement, state media carried Paknejad's final public comments on Iran's oil revenue.

“…revenues of the oil that we have sold are still coming and that will continue God willing,” Paknejad said.

That revenue stems from oil sold before mid-July, after which the US Navy reimposed its blockade on Iranian ports.

Since that time, Iran has relied on crude already stored on tankers beyond the blockade. Kpler, a ship-tracking firm, estimated that stock stood at 90 million barrels in mid-July. By early September, it had dwindled to roughly 29 million.

Kpler indicated the supply could be exhausted by mid-October. Payments might lag into December. President Masoud Pezeshkian has noted that even collecting those payments is challenging.

“We can’t even get our own money out of a country to which we’ve supplied goods…” Fortune reported, citing Pezeshkian.

Oil finances roughly one-third of Iran’s budget. The rial has plunged to a record 2.7 million per dollar.

Why Crude Prices Have Not Jumped as Iran Goes Quiet

On the surface, the Strait of Hormuz appears closed. Roughly six ships per day are visible crossing, just 7% of normal, according to hormuz.now data. Only 16 visible tankers passed through in the last week.

Yet that tally only includes vessels broadcasting their location. Kpler estimates that 13.1 million barrels per day of oil and fuel still traversed the strait in the most recent week, nearly 80% of pre-war levels.

The invisible flow comes from Iran's neighbors. In August, over 70% of crude transiting the strait was swapped between tankers at sea, Kpler reported. Pipelines now bypass about 40% of the strait.

Brent, the global benchmark, stands at $101.93, BeInCrypto chart data shows. That is up from the mid-$60s before the war, but well below the highs seen in spring.

Oil barely reacted after last week’s Hormuz tanker attack. Traders have even placed record bets against oil.

Kpler’s mid-October prediction is just days away. Iran’s oil ministry is now led by Hamid Bovard, who serves as acting minister and heads the state oil company.