Venezuela regional elections: What you need to know

Venezuelans will vote for governors in all 23 states on Sunday. The election had been slated for December, but the government-friendly electoral commission, CNE, delayed the vote after predicted losses for the ruling Socialist Party. The party has traditionally dominated state governor's offices, but recent polls have projected that the Venezuelan opposition will win a majority of governorships.

Scrutiny of the vote's transparency is set to be intense. An election software company said authorities had tampered with the final turnout count after Venezuela's last election in July. The CNC has recently moved 203 polling stations from areas with strong opposition support. It said security-related considerations were behind the decision.

Nicolas Maduro replaced former President Hugo Chavez following Chavez's death in April 2013. Maduro's authoritarian reign has seen the rapid decline of the economy and a huge drop in support for the president's government. Maduro recently set up a new constituent assembly after his Socialist Party lost control of the country's parliament in 2015. The move led the US to label him a "dictator."

The Democratic Unity Roundtable (MUD) is the main opposition group in Venezuela. It was launched in 2009 and is made up of about 20 parties from across the political spectrum that oppose President Maduro. Key leaders include Henrique Capriles, Leopoldo Lopez, and Maria Corina Machada (pictured). MUD demands include restoring power to the parliament and releasing hundreds of political prisoners.

The Venezuelan economy has collapsed since 2014. Real GDP will have contracted by 35 percent in 2017 compared to the end of 2014 according to the IMF, and the fund predicts inflation to exceed 1,000 percent by the end of the year. Stacks of cash are needed to buy bare necessities. The crisis has also caused widespread food shortages and led many to flee Venezuela to neighboring countries.

The economic crisis has undermined Maduro's popularity and helped fuel a political crisis. Security forces have repeatedly clashed with demonstrators calling for the president's removal. Despite losing the street and power in the parliament, Maduro's position is still relatively secure. He has the support of the military, the Supreme Court, and the newly created constituent assembly.

Venezuela possesses the world's largest oil reserves, and for many years, the country benefited from selling its black gold. But a 50-percent collapse in oil prices in 2014 devastated the oil-dependent economy with government petroleum revenues dropping from $80 billion in 2013 to $20 billion in 2016, according to the IMF.

A big win for MUD candidates on Sunday may not spell disaster for Maduro's government. The powerful Maduro-controlled constituent assembly could try to undermine MUD governors. State legislative assemblies controlled by the Socialist Party could also frustrate MUD governors. Once the dust settles on Sunday, Venezuelan's are set to vote for the presidency in April 2018.