Lula vows to shield Brazil oil and minerals from foreign control
07:33, 15/09/2026, TuesdayU: Update: 07:59, 15/09/2026, Tuesday
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Brazil's President Luiz Inacio Lula da Silva Brazilian President Luiz Inacio Lula da Silva warned against foreign control of national resources ahead of October's election, invoking Venezuela's oil deals with Washington as a cautionary tale while framing resource sovereignty as the central ballot question.
Brazilian President Luiz Inacio Lula da Silva has framed October's presidential election as a referendum on national sovereignty, warning that foreign powers could seize control of the country's oil and critical mineral wealth if voters choose the wrong path. Lula invoked neighboring Venezuela's recent oil agreements with Washington as a stark warning of what could await Brazil under alternative leadership. "Do you want a country where the oil is ours, or a country where what happened in Venezuela happens?" he asked supporters during a campaign event, referring to deals that placed Venezuela's energy sector under external influence.
Industrial development
The leftist leader argued that surrendering control of natural resources would transform Brazil into a resource colony rather than an industrial power, insisting that the nation must process its own rare earths, lithium, nickel and cobalt to fuel domestic manufacturing. "We are not a colony and we will not be a colony of anyone," Lula stated in a national address earlier this month, adding that the recently approved legal framework for strategic minerals would ensure domestic value chains and bar foreign dominance. Brazil holds significant deposits of graphite and manganese, resources increasingly vital for electric vehicles and renewable energy technologies that global competitors are racing to secure.
Election dynamics
Lula's resource nationalism forms the backbone of his bid for a fourth nonconsecutive term against Sen. Flavio Bolsonaro, the son of former President Jair Bolsonaro, who has sought to challenge the incumbent's record on economic management and public spending. "What is at stake in the October elections is what you want for your country. What future do you want?" the president said, seeking to contrast his sovereignty platform with opposition promises of fiscal restraint. The first round of voting is scheduled for Oct. 4, with Lula currently leading opinion polls ahead of the contest.