OREANDA-NEWS. Venezuela's long-ruling PSUV lost its control of the legislature in a pivotal election yesterday, marking a political shift to the center-right opposition amid a steep decline in oil prices that has gutted revenue.

The Democratic Unity (MUD) coalition has so far captured 99 of 167 seats in the national assembly, according to the first official results from the electoral authority CNE.

The outcome of 22 remaining assembly seats still up for grabs should be announced later today, CNE officials said.

The preliminary results based on more than 96pc of the vote give the MUD just over 59pc of the legislature, including three indigenous seats, where an absolute 60pc majority is required to pass laws and launch official investigations without first negotiating minority support.

The PSUV won 46 seats or 27.5pc of the legislature, breaking the party's total grip on Venezuelan governing institutions for the first time since late president Hugo Chavez was first elected in December 1998.

The election, which took place amid acute shortages of many basic goods and rampant violent crime, drew an overwhelming turnout of three quarters of the electorate. Venezuela's oil-based economy is projected to shrink by over 9pc in 2015, and 12-month inflation through end-November was almost 220pc, according to the central bank.

If the MUD expands its legislative majority to at least 101 seats as the final votes are tallied, the new assembly that takes office on 6 January 2016 would have an absolute majority with the power to replace the 32-member supreme court and attorney general.

But if the MUD maintains a simple majority, it would not have the power to force changes to the judiciary and other institutions without negotiating compromises with the PSUV.

President Nicolas Maduro, Chavez's hand-picked successor, conceded the loss, blaming the outcome on an "economic war" waged from abroad.

The government's historic loss of the legislature took place just days after Opec failed to take action to prop up oil prices, fulfilling widespread expectations and rejecting calls from Venezuela, ally Ecuador and other financially struggling members to cut production.

The wider commodities price rout also contributed to a recent political shift in shale-rich Argentina, another of Venezuela's regional allies. A center-right government takes office there on 10 December.