IBOV 177,650 ▲ 0.17% IPSA 10,600 ▲ 2.40% IPC MEX 68,384 ▼ 0.74% MERVAL 2,877,439 ▲ 3.19% COLCAP 2,118 ▼ 0.22% BVL PERÚ 19,767 ▲ 0.37% USD/BRL 5.00 ▲ 0.10% USD/MXN 17.31 ▼ 0.05% USD/CLP 899.00 ▲ 0.07% USD/COP 3,685 ▼ 2.83% USD/PEN 3.41 ▼ 0.16% USD/ARS 1,390 ▼ 0.55% USD/UYU 40.02 ▲ 0.53% USD/PYG 6,151 ▲ 2.28% USD/BOB 6.86 ▲ 1.79% USD/DOP 58.86 ▲ 0.53% USD/CRC 449.53 ▲ 2.06% USD/GTQ 7.62 ▲ 2.26% USD/HNL 26.61 ▲ 1.69% USD/NIO 36.62 ▲ 0.68% USD/VES 525.55 ▲ 0.48% USD/PAB 1.00 ▲ 2.17% USD/BZD 2.00 ▲ 1.61% USD/JMD 156.99 ▲ 0.19% USD/TTD 6.73 ▲ 1.15% EUR/BRL 5.81 ▼ 0.89% BRENT 104.57 ▼ 0.43% WTI 97.82 ▼ 0.45% IRON ORE 161.91 — — COPPER 6.35 ▲ 0.99% GOLD 4,534 ▲ 0.06% SILVER 76.84 ▲ 1.30% SOY 1,191 ▼ 0.71% CORN 461.50 ▼ 0.91% WHEAT 645.00 ▼ 2.35% COFFEE 272.50 ▲ 1.57% SUGAR 14.90 ▲ 1.15% ORANGE JUICE 166.90 ▲ 6.34% COTTON 78.57 ▼ 3.71% COCOA 3,743 ▼ 3.75% BEEF 240.15 ▼ 5.18% CATTLE 356.53 ▼ 3.83% LITHIUM 84.38 ▲ 1.07% PETR4 44.95 ▲ 0.78% VALE3 82.63 ▲ 0.77% ITUB4 40.12 ▲ 1.13% BBDC4 17.90 ▲ 0.22% ABEV3 16.40 ▲ 1.11% BBAS3 20.82 ▲ 0.58% B3SA3 17.02 ▲ 1.37% WEGE3 42.47 ▼ 0.26% PRIO3 68.00 ▼ 0.92% SUZB3 42.26 ▲ 0.14% RENT3 44.04 ▼ 0.97% AZZA3 19.95 ▲ 1.79% CSAN3 4.40 ▲ 1.85% RAIZ4 0.39 ▼ 7.14% PCAR3 2.11 ▼ 2.77% GMAT3 4.43 ▲ 0.23% PSSA3 49.46 ▲ 0.49% CVCB3 1.78 ▼ 1.11% POSI3 4.09 ▼ 1.92% SLCE3 16.50 ▼ 0.12% NATU3 10.20 ▲ 2.00% BRKM5 12.03 ▼ 1.23% RANI3 8.06 ▲ 1.26% CSNA3 6.34 ▲ 3.43% CMIN3 4.43 ▼ 1.56% USIM5 9.80 ▲ 1.98% GGBR4 23.50 ▲ 0.13% ENEV3 25.52 ▲ 1.23% NEOE3 33.80 — 0.00% CPFE3 43.70 ▼ 1.51% CMIG4 11.36 ▼ 1.47% EQTL3 38.14 ▼ 1.06% LREN3 14.85 ▲ 1.02% VIVT3 35.29 ▼ 0.31% RAIL3 14.67 ▼ 2.33% KLABIN 16.51 ▼ 0.06% RAIA DROGASIL 18.65 ▼ 2.51% RDOR3 34.59 ▼ 1.14% HAPV3 12.34 ▼ 7.01% FLRY3 15.69 ▼ 0.70% SMTO3 17.64 ▼ 2.38% UGPA3 29.15 ▲ 0.45% VBBR3 33.41 ▲ 0.21% BBSE3 34.74 ▲ 0.09% BPAC11 54.37 ▲ 0.31% CURY3 31.20 ▼ 0.32% AERI3 2.28 — 0.00% VIVARA 22.32 ▼ 1.50% COMPASS 27.01 ▲ 1.35% VAMOS 3.37 ▼ 1.17% SANB11 27.59 ▲ 0.51% ASAI3 8.48 ▼ 1.51% SBSP3 28.62 ▼ 1.82% WALMEX 55.16 ▼ 0.88% GMEXICO 203.15 ▲ 0.00% FEMSA 210.09 ▲ 0.33% CEMEX 21.72 ▼ 0.69% GFNORTE 186.81 ▼ 1.09% BIMBO 58.04 ▼ 2.88% TELEVISA 9.68 ▼ 1.33% AMX 22.82 ▼ 1.30% GAP 420.74 ▼ 2.86% ASUR 308.72 ▼ 0.57% OMA 225.94 ▼ 0.43% KOF 185.08 ▲ 0.43% GRUMA 294.49 ▲ 0.08% KIMBER 38.08 ▼ 1.68% SQM-B 72,900 ▼ 0.40% COPEC 6,425 ▲ 0.39% BSANTANDER 70.10 ▲ 2.71% FALABELLA 5,600 ▲ 2.85% ENELAM 76.20 ▲ 0.26% CENCOSUD 2,180 ▲ 5.24% CMPC 1,095 ▲ 2.82% BANCO CHILE 171.90 ▲ 3.24% LATAM AIR 22.57 ▲ 7.22% YPF 70,850 ▲ 1.50% GGAL 6,505 ▲ 4.33% PAMPA 4,838 ▲ 1.79% TXAR 637.50 ▲ 3.07% ALUAR 928.00 ▲ 1.42% TGS 8,845 ▲ 3.88% CEPU 2,150 ▲ 3.66% MIRGOR 16,275 ▲ 0.31% COME 44.94 ▲ 1.90% LOMA NEGRA 3,350 ▲ 4.44% BYMA 276.50 ▼ 0.54% TELECOM ARG 3,530 ▲ 1.15% ECOPETROL 13.86 ▲ 1.02% BANCOLOMBIA 66.32 ▲ 1.19% GRUPO AVAL 4.26 ▲ 0.71% CREDICORP 344.00 ▲ 3.22% SOUTHERN COPPER 179.12 ▲ 2.89% BUENAVENTURA 33.66 ▼ 0.68% MERCADOLIBRE 1,678 ▲ 1.62% NUBANK 13.16 ▲ 2.89% XP 17.92 ▲ 1.30% PAGSEGURO 9.32 — 0.00% STONE 11.10 ▲ 0.45% GLOBANT 40.63 ▼ 2.78% TECNOGLASS 41.20 ▲ 0.78% GAP AIRPORT 244.11 ▼ 2.68% ASUR 308.72 ▼ 0.57% OMA AIRPORT 104.65 ▼ 0.46% AMX ADR 26.33 ▼ 1.31% FEMSA ADR 121.40 ▼ 0.12% CEMEX ADR 12.58 ▼ 0.71% PETROBRAS ADR 20.03 ▲ 1.01% VALE ADR 16.47 ▲ 0.73% ITAU ADR 8.01 ▲ 0.82% SANTANDER BR 5.56 ▲ 0.54% AMBEV ADR 3.27 ▲ 1.24% CSN 1.28 ▲ 2.40% GERDAU 4.70 ▲ 0.21% LATAM ADR 50.94 ▲ 1.13% BTC 77,401 ▼ 0.07% ETH 2,130 ▲ 0.13% SOL 87.00 ▲ 1.11% XRP 1.37 ▲ 0.22% BNB 657.27 ▲ 1.30% ADA 0.25 ▲ 0.32% DOGE 0.11 ▲ 1.60% AVAX 9.42 ▲ 1.47% LINK 9.73 ▲ 1.18% DOT 1.29 ▲ 3.09% LTC 54.23 ▲ 0.60% BCH 379.67 ▲ 1.88% TRX 0.36 ▲ 1.66% XLM 0.15 ▲ 1.75% HBAR 0.09 ▲ 0.85% NEAR 1.94 ▲ 14.47% ATOM 2.04 ▲ 2.60% AAVE 87.82 ▼ 0.15% SELIC 14.50% EMBRAER 70.81 ▲ 0.61% EMBRAER ADR 56.52 ▲ 0.07% JBS 13.28 ▲ 2.95% JBS BDR 65.95 ▲ 2.93% MBRF3 17.30 ▼ 2.09% MBRFY 3.33 ▼ 6.46% INTER 6.40 ▲ 3.56% EGX 52,091 ▲ 0.30% USD/ZAR 16.45 ▲ 0.05% USD/NGN 1,369 — 0.00% NIKKEI 62,471 ▲ 1.28% CSI300 4,783 ▼ 1.39% HSI 25,387 ▼ 1.03% NIFTY 23,655 ▼ 0.02% KOSPI 7,849 ▲ 0.43% JCI 6,095 ▼ 3.54% USD/JPY 159.08 ▲ 0.08% USD/CNY 6.8020 — 0.00% DAX 24,607 ▼ 0.53% CAC 8,086 ▼ 0.39% FTSE 10,443 ▲ 0.11% MIB 49,169 ▼ 0.03% IBEX 17,975 ▼ 0.42% STOXX 620.56 ▲ 0.04% EUR/USD 1.1618 ▼ 0.05% GBP/USD 1.3427 ▼ 0.02% SPX 7,446 ▲ 0.17% DJI 50,286 ▲ 0.55% NDX 29,357 ▲ 0.20% RUT 2,843 ▲ 0.93% TSX 34,409 ▲ 0.72% VIX 16.76 ▼ 3.90% USD/CAD 1.3784 ▲ 0.08% US10Y 4.5860 ▲ 0.31% IBOV 177,650 ▲ 0.17% IPSA 10,600 ▲ 2.40% IPC MEX 68,384 ▼ 0.74% MERVAL 2,877,439 ▲ 3.19% COLCAP 2,118 ▼ 0.22% BVL PERÚ 19,767 ▲ 0.37% USD/BRL 5.00 ▲ 0.10% USD/MXN 17.31 ▼ 0.05% USD/CLP 899.00 ▲ 0.07% USD/COP 3,685 ▼ 2.83% USD/PEN 3.41 ▼ 0.16% USD/ARS 1,390 ▼ 0.55% USD/UYU 40.02 ▲ 0.53% USD/PYG 6,151 ▲ 2.28% USD/BOB 6.86 ▲ 1.79% USD/DOP 58.86 ▲ 0.53% USD/CRC 449.53 ▲ 2.06% USD/GTQ 7.62 ▲ 2.26% USD/HNL 26.61 ▲ 1.69% USD/NIO 36.62 ▲ 0.68% USD/VES 525.55 ▲ 0.48% USD/PAB 1.00 ▲ 2.17% USD/BZD 2.00 ▲ 1.61% USD/JMD 156.99 ▲ 0.19% USD/TTD 6.73 ▲ 1.15% EUR/BRL 5.81 ▼ 0.89% BRENT 104.57 ▼ 0.43% WTI 97.82 ▼ 0.45% IRON ORE 161.91 — — COPPER 6.35 ▲ 0.99% GOLD 4,534 ▲ 0.06% SILVER 76.84 ▲ 1.30% SOY 1,191 ▼ 0.71% CORN 461.50 ▼ 0.91% WHEAT 645.00 ▼ 2.35% COFFEE 272.50 ▲ 1.57% SUGAR 14.90 ▲ 1.15% ORANGE JUICE 166.90 ▲ 6.34% COTTON 78.57 ▼ 3.71% COCOA 3,743 ▼ 3.75% BEEF 240.15 ▼ 5.18% CATTLE 356.53 ▼ 3.83% LITHIUM 84.38 ▲ 1.07% PETR4 44.95 ▲ 0.78% VALE3 82.63 ▲ 0.77% ITUB4 40.12 ▲ 1.13% BBDC4 17.90 ▲ 0.22% ABEV3 16.40 ▲ 1.11% BBAS3 20.82 ▲ 0.58% B3SA3 17.02 ▲ 1.37% WEGE3 42.47 ▼ 0.26% PRIO3 68.00 ▼ 0.92% SUZB3 42.26 ▲ 0.14% RENT3 44.04 ▼ 0.97% AZZA3 19.95 ▲ 1.79% CSAN3 4.40 ▲ 1.85% RAIZ4 0.39 ▼ 7.14% PCAR3 2.11 ▼ 2.77% GMAT3 4.43 ▲ 0.23% PSSA3 49.46 ▲ 0.49% CVCB3 1.78 ▼ 1.11% POSI3 4.09 ▼ 1.92% SLCE3 16.50 ▼ 0.12% NATU3 10.20 ▲ 2.00% BRKM5 12.03 ▼ 1.23% RANI3 8.06 ▲ 1.26% CSNA3 6.34 ▲ 3.43% CMIN3 4.43 ▼ 1.56% USIM5 9.80 ▲ 1.98% GGBR4 23.50 ▲ 0.13% ENEV3 25.52 ▲ 1.23% NEOE3 33.80 — 0.00% CPFE3 43.70 ▼ 1.51% CMIG4 11.36 ▼ 1.47% EQTL3 38.14 ▼ 1.06% LREN3 14.85 ▲ 1.02% VIVT3 35.29 ▼ 0.31% RAIL3 14.67 ▼ 2.33% KLABIN 16.51 ▼ 0.06% RAIA DROGASIL 18.65 ▼ 2.51% RDOR3 34.59 ▼ 1.14% HAPV3 12.34 ▼ 7.01% FLRY3 15.69 ▼ 0.70% SMTO3 17.64 ▼ 2.38% UGPA3 29.15 ▲ 0.45% VBBR3 33.41 ▲ 0.21% BBSE3 34.74 ▲ 0.09% BPAC11 54.37 ▲ 0.31% CURY3 31.20 ▼ 0.32% AERI3 2.28 — 0.00% VIVARA 22.32 ▼ 1.50% COMPASS 27.01 ▲ 1.35% VAMOS 3.37 ▼ 1.17% SANB11 27.59 ▲ 0.51% ASAI3 8.48 ▼ 1.51% SBSP3 28.62 ▼ 1.82% WALMEX 55.16 ▼ 0.88% GMEXICO 203.15 ▲ 0.00% FEMSA 210.09 ▲ 0.33% CEMEX 21.72 ▼ 0.69% GFNORTE 186.81 ▼ 1.09% BIMBO 58.04 ▼ 2.88% TELEVISA 9.68 ▼ 1.33% AMX 22.82 ▼ 1.30% GAP 420.74 ▼ 2.86% ASUR 308.72 ▼ 0.57% OMA 225.94 ▼ 0.43% KOF 185.08 ▲ 0.43% GRUMA 294.49 ▲ 0.08% KIMBER 38.08 ▼ 1.68% SQM-B 72,900 ▼ 0.40% COPEC 6,425 ▲ 0.39% BSANTANDER 70.10 ▲ 2.71% FALABELLA 5,600 ▲ 2.85% ENELAM 76.20 ▲ 0.26% CENCOSUD 2,180 ▲ 5.24% CMPC 1,095 ▲ 2.82% BANCO CHILE 171.90 ▲ 3.24% LATAM AIR 22.57 ▲ 7.22% YPF 70,850 ▲ 1.50% GGAL 6,505 ▲ 4.33% PAMPA 4,838 ▲ 1.79% TXAR 637.50 ▲ 3.07% ALUAR 928.00 ▲ 1.42% TGS 8,845 ▲ 3.88% CEPU 2,150 ▲ 3.66% MIRGOR 16,275 ▲ 0.31% COME 44.94 ▲ 1.90% LOMA NEGRA 3,350 ▲ 4.44% BYMA 276.50 ▼ 0.54% TELECOM ARG 3,530 ▲ 1.15% ECOPETROL 13.86 ▲ 1.02% BANCOLOMBIA 66.32 ▲ 1.19% GRUPO AVAL 4.26 ▲ 0.71% CREDICORP 344.00 ▲ 3.22% SOUTHERN COPPER 179.12 ▲ 2.89% BUENAVENTURA 33.66 ▼ 0.68% MERCADOLIBRE 1,678 ▲ 1.62% NUBANK 13.16 ▲ 2.89% XP 17.92 ▲ 1.30% PAGSEGURO 9.32 — 0.00% STONE 11.10 ▲ 0.45% GLOBANT 40.63 ▼ 2.78% TECNOGLASS 41.20 ▲ 0.78% GAP AIRPORT 244.11 ▼ 2.68% ASUR 308.72 ▼ 0.57% OMA AIRPORT 104.65 ▼ 0.46% AMX ADR 26.33 ▼ 1.31% FEMSA ADR 121.40 ▼ 0.12% CEMEX ADR 12.58 ▼ 0.71% PETROBRAS ADR 20.03 ▲ 1.01% VALE ADR 16.47 ▲ 0.73% ITAU ADR 8.01 ▲ 0.82% SANTANDER BR 5.56 ▲ 0.54% AMBEV ADR 3.27 ▲ 1.24% CSN 1.28 ▲ 2.40% GERDAU 4.70 ▲ 0.21% LATAM ADR 50.94 ▲ 1.13% BTC 77,401 ▼ 0.07% ETH 2,130 ▲ 0.13% SOL 87.00 ▲ 1.11% XRP 1.37 ▲ 0.22% BNB 657.27 ▲ 1.30% ADA 0.25 ▲ 0.32% DOGE 0.11 ▲ 1.60% AVAX 9.42 ▲ 1.47% LINK 9.73 ▲ 1.18% DOT 1.29 ▲ 3.09% LTC 54.23 ▲ 0.60% BCH 379.67 ▲ 1.88% TRX 0.36 ▲ 1.66% XLM 0.15 ▲ 1.75% HBAR 0.09 ▲ 0.85% NEAR 1.94 ▲ 14.47% ATOM 2.04 ▲ 2.60% AAVE 87.82 ▼ 0.15% SELIC 14.50% EMBRAER 70.81 ▲ 0.61% EMBRAER ADR 56.52 ▲ 0.07% JBS 13.28 ▲ 2.95% JBS BDR 65.95 ▲ 2.93% MBRF3 17.30 ▼ 2.09% MBRFY 3.33 ▼ 6.46% INTER 6.40 ▲ 3.56% EGX 52,091 ▲ 0.30% USD/ZAR 16.45 ▲ 0.05% USD/NGN 1,369 — 0.00% NIKKEI 62,471 ▲ 1.28% CSI300 4,783 ▼ 1.39% HSI 25,387 ▼ 1.03% NIFTY 23,655 ▼ 0.02% KOSPI 7,849 ▲ 0.43% JCI 6,095 ▼ 3.54% USD/JPY 159.08 ▲ 0.08% USD/CNY 6.8020 — 0.00% DAX 24,607 ▼ 0.53% CAC 8,086 ▼ 0.39% FTSE 10,443 ▲ 0.11% MIB 49,169 ▼ 0.03% IBEX 17,975 ▼ 0.42% STOXX 620.56 ▲ 0.04% EUR/USD 1.1618 ▼ 0.05% GBP/USD 1.3427 ▼ 0.02% SPX 7,446 ▲ 0.17% DJI 50,286 ▲ 0.55% NDX 29,357 ▲ 0.20% RUT 2,843 ▲ 0.93% TSX 34,409 ▲ 0.72% VIX 16.76 ▼ 3.90% USD/CAD 1.3784 ▲ 0.08% US10Y 4.5860 ▲ 0.31%
since 2009
Friday, May 22, 2026

Brazil Analysis

Lula’s Geopolitical Chessboard: A Neutral Stance on Venezuela

By · August 8, 2024 · 3 min read

(Analysis) In the complex realm of international politics, Brazilian President Luiz Inácio Lula da Silva is navigating a delicate path regarding Venezuela’s controversial elections.

His decision to remain neutral has sparked various expert opinions on the motivations behind his stance.

William Waack, writing for Brazil’s Estadão, suggests that Lula might view Venezuelan leader Nicolás Maduro as aligned with the “right side of history.”

This view is based on the belief that the geopolitical tide is shifting in favor of the “Global South,” a coalition of emerging nations challenging Western dominance, supported by China and Russia.

Lula’s administration may see this shift as inevitable, aligning with a broader geopolitical realignment that favors regimes like Maduro’s.

Lula's Geopolitical Chessboard: A Neutral Stance on Venezuela
Lula’s Geopolitical Chessboard: A Neutral Stance on Venezuela. (Photo Internet reproduction)

Under Lula’s leadership, Brazil is seen as needing to balance its economic ties with both Eastern and Western powers. As a regional power with limited influence, Brazil must carefully navigate this environment.

Waack suggests that Lula’s administration views Western values like democracy and human rights as tools for advancing Western economic interests. This perspective helps explain their reluctance to criticize Maduro’s regime.

The Diplomat’s Cloak

According to Spain’s El País, Lula’s approach to the Venezuelan crisis could be seen as a strategic diplomatic move.

In his third term, Lula has assumed the role of a statesman, potentially seeking a peaceful resolution to the crisis.

Brazil has positioned itself as a central player in international efforts to clarify the election results.

The country advocates for transparency and negotiation between the Venezuelan government and the opposition.

Various international leaders, including 30 former Latin American and Spanish presidents, have acknowledged this diplomatic role. They have called on Lula to uphold democracy in Venezuela.

El País notes that other left-leaning Latin American leaders, such as Andrés Manuel López Obrador of Mexico and Gustavo Petro of Colombia, support Lula’s efforts. These leaders might be seen as more acceptable mediators by Maduro.

Mauricio Savarese, writing for AP News, highlights Lula’s call for Maduro to respect the election results. He also notes Lula’s intention to send Brazilian observers to monitor the elections.

Lula’s approach aims to ensure democratic processes are followed while avoiding a direct condemnation of Maduro.

Balancing Act of Interests

Lula’s stance might reflect Brazil’s traditional diplomatic principles: caution, aversion to hasty judgments, and maintaining open communication channels.

By not taking sides, Lula could be aiming to preserve Brazil’s influence and avoid alienating any party involved in the Venezuelan crisis.

This approach aligns with Brazil’s historical preference for measured, deliberate actions.

Lula’s diplomatic efforts have reportedly garnered support from international figures like U.S. President Joe Biden and French President Emmanuel Macron.

This backing might reinforce Lula‘s position as a key mediator while also applying pressure on Maduro to comply with democratic norms.

Jordana Timerman, writing for The Guardian, notes that the Latin American left, including Lula, is avoiding taking a definitive stance. This is particularly evident in their approach to the Venezuelan elections.

This non-alignment is part of a broader strategy to facilitate negotiations and avoid exacerbating tensions.

Criticism and Controversy

Not all perspectives are favorable. Lourival Sant’Anna, an analyst for CNN Brazil, criticizes Lula’s stance, arguing that it gives Maduro time to manipulate the election outcome.

Sant’Anna suggests that Lula’s approach creates a false equivalence between the Venezuelan government and the opposition. This could potentially undermine the democratic process.

Evan Dyer, writing for CBC News, reports that even some of Maduro’s traditional allies, including Brazil, are demanding detailed election results.

However, this indicates growing impatience with Maduro’s lack of transparency and a cautious distancing from his regime.

Conclusion

Lula’s decision to remain neutral in the Venezuelan elections reflects a multifaceted strategy driven by geopolitical, economic, diplomatic, and ideological considerations.

By maintaining a neutral stance and advocating for transparency, Lula might be aiming to balance Brazil’s interests and uphold its diplomatic traditions.

However, this approach could also position Brazil to play a constructive role in resolving the Venezuelan crisis.

This diplomatic dance showcases Lula’s potential to navigate the complex world of international politics with caution and strategy. It also reflects his strong ideological conviction.

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