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Lula vows to keep Brazil’s oil and critical minerals out of foreign hands ahead of polls

Brazilian President Luiz Inacio Lula da Silva vowed to keep the country’s oil and critical mineral resources under national control ahead of October’s election.

Anadolu Agency WORLD
Published September 15,2026 07:44 AM
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Brazilian President Luiz Inacio Lula da Silva vowed to protect the country's oil and critical mineral resources from foreign control ahead of October's presidential election.

"What is at stake in the October elections is what you want for your country. What future do you want?" he said.

He referred to recent developments in Venezuela's oil sector and an agreement between Caracas and Washington over the country's energy resources.

"Do you want a country where the oil is ours, or a country where what happened in Venezuela happens?" he said.

Lula said Brazil should use its natural resources to develop domestic industry and create jobs rather than simply export raw materials.

The issue of critical minerals has gained prominence in Brazil's election campaign as global competition grows over resources used in electric vehicles, renewable energy, electronics and other advanced technologies.

Brazil has significant deposits of rare earths as well as lithium, nickel, cobalt, graphite and manganese, minerals considered increasingly important for the global energy transition.

Earlier this month, Brazil's Congress approved a legal framework for critical and strategic minerals aimed at encouraging domestic processing and investment in the sector.

Lula has made national sovereignty and control over natural resources central themes of his reelection campaign.

"We are not a colony and we will not be a colony of anyone," he said in a national address earlier this month, warning against foreign interference in Brazil's mineral and oil sectors.

The remarks came as Lula leads the presidential race, while his main rivals seek to challenge his record on the economy, security and government spending.

The first round of Brazil's presidential election is scheduled for Oct. 4. Lula is seeking a fourth nonconsecutive term and faces Sen. Flavio Bolsonaro, the eldest son of former President Jair Bolsonaro, among the main contenders.