The leader of Venezuela's opposition, Henrique Capriles, said the alliance won at least 112 seats in Congress. If confirmed, this would allow the opposition to make sweeping changes to legislation and appointments made under the current Socialist government.
President Nicolas Maduro earlier admitted defeat – the worst for the movement founded by late leader Hugo Chavez in 1999, BBC Online reports Monday.
Among the campaign issues were chronic food shortages of staples – such as milk, rice, coffee, sugar, corn flour and cooking oil.
Venezuela has been hit hard by the continuing low price of oil, its main export. It also has the continent's highest inflation rate.
Senior opposition figures say the alliance would be able to pass laws allowing the release of political prisoners. Earlier this year, opposition leader Leopoldo Lopez was given a 13-year prison sentence for inciting violence – a charge critics say was politically motivated.
It also gives stronger momentum to the opposition should it wish to call a referendum on Mr Maduro's future. This could take place only when his presidency reaches its halfway point in April next year.
However, under the presidential system the United Socialist Party of Venezuela (PSUV) will still be a powerful force. Next presidential election is due in April 2019, notes BBC.
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