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

Departure comes amid large drop in oil receipts, rampant inflation and shrinking economy

Iran'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.