Venezuela will hold its general elections this Sunday, October 7. President Hugo Chávez, seeking re-election to a third term, faces a strong challenge from the energetic opposition candidate Henrique Capriles. The run-up to the election has already been intriguing, with concerns about the president’s health, unexpected events on the campaign trail and an innovative and impressive strategy by the opposition. Thanks to his tireless campaign efforts, Capriles has surged into the lead in the polls in the last weeks and finds himself in a good position to defeat Chávez.

The results of the election will reverberate substantially, both in Latin America and around the world. It will serve as a referendum on Chávez’s socialist policies, which still have a following in the region. It will affect global oil markets, as Venezuela controls the largest proven reserves of oil in the world. And it will impact diplomatic relations with the United States, which have been strained since the beginning of the Chávez era. Most of all, the election matters to the Venezuelan people, who continue to struggle though blackouts, food shortages, insecurity and rampant inflation.

Check out WhatsNextVenezuela.com for the latest news over the weekend, as we will be reporting on the events leading up to and during the vote this Sunday.