Venezuela’s opposition won control of the National Assembly by a landslide, stunning the ruling party and altering the balance of power 16 years after the late Hugo Chavez kicked off the nation’s socialist revolution.

Electoral authorities announced early today that the opposition coalition won at least 99 seats in the incoming 167-seat legislature, while the ruling socialist party won 46 seats.

President Nicolas Maduro has admitted defeat, recognizing “these adverse results”.

The opposition coalition needs to take 13 of the 22 remaining races to give it a two-thirds supermajority needed to strongly challenge President Maduro’s grip on power.

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