Venezuelan electoral officials say voters have chosen Hugo Chavez's hand-picked successor Nicolas Maduro as their new president in a tightly-fought contest.
His challenger, Henrique Capriles, declared that he would not accept the results and called for a full recount.
Mr Maduro campaigned on a promise to carry on the late president's self-styled socialist revolution, while his rival claimed the late president's regime has put Venezuela on the road to ruin.
Officials say Mr Maduro beat two-time challenger Mr Capriles by just 300,000 votes. The margin was 50.8% to 49.1%.
Addressing a crowd from the presidential palace, Mr Maduro called his victory further proof that Mr Chavez "continues to be invincible, that he continues to win battles".
He said that Mr Capriles had called him before the results were announced to suggest a "pact" but he had refused.
At the opposition candidate's headquarters, people hung their heads quietly as the results were announced.
Henrique Capriles demands a recount Mr Capriles emerged later, saying his campaign's tally of votes came up with "a result that is different from the results announced today".
"It is the government that has been defeated. The biggest loser today is you. The people don't love you," he said directly addressing Mr Maduro.
Turnout was 78%, down from just over 80% in the October election that Mr Chavez won by a margin of almost 11 points.
National Electoral Council president Tibisay Lucena told a news conference: "These are the irreversible results that the people have decided."
In a hint of discontent within Chavista ranks, National Assembly president Diosdado Cabello, who many consider Mr Maduro's main rival, expressed dismay at the tight outcome.
He tweeted: "The results oblige us to make a profound self-criticism. It's contradictory that the poor sectors of the population vote for their longtime exploiters."
Maduro supporters celebrate his victory Mr Maduro, a foreign minister to Mr Chavez, rode a wave of grief for the late leader, who ruled Venezuela for 14 years with a socialist revolution that made him popular among the poor while alienating others critical of the weak economy.
Mr Maduro has vowed to continue the oil-funded policies that cut poverty by almost half to 29% through popular health, education and food programmes.
But he also inherits a litany of problems left behind by his mentor: South America's highest murder rate, with 16,000 people killed last year, chronic food shortages, high inflation and recurring power cuts.
Opinion polls had given Mr Maduro leads of 10 to 20 points during the campaign, but Mr Capriles energised the opposition and closed the gap.
"This is a very important victory for the future of the country. This is the legacy of our comandante, who is no longer here. But he left us Maduro and he will defend his project," said one Maduro supporter, Rafael Perez Camarero.
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