“This is a victory for democracy,” said Jesus Torrealba, executive secretary for the MUD.

“It’s a historic victory, now begins the time for change in Venezuela!” he said to cheering supporters who chanted “Libertad, libertad” at the victory rally at MUD headquarters in Caracas.

President Nicolas Maduro took to the airwaves and announced that he accepted the loss of his majority, but pledged not to give up on the mission of deceased Hugo Chavez to create a socialist state.

Maduro recognized his party’s loss and assured Venezuelans he will respect the results. He blamed the defeat on “the economic war” waged by political interests inside and outside Venezuela.

“I feel at peace with my conscience because everything we have done has been for the protection of the country,” Maduro said in the national address.