Venezuela Elections 2012: Chavez vs. Capriles: What You Need to Know; What the Media Are Reporting (Live Streaming)

Venezuela will hold their presidential election this Sunday, in a race that is likely to see the incumbent win or lose in a narrow margin.

In Venezuela, presidential elections are held every six years, compared to four in the US.

Although election polls are banned in the final week leading up to the Oct. 7 Election Day, a few polls last showed Chavez with either a comfortable lead or losing by a few percentage points.

Two notable polling firms in Venezuela are Datanalisis and Consultores 21, but both portray a different picture for the two main candidates.

Detanalisis showed a poll dating from Aug. 25 to Sept. 5, with 1,600 people participating, with incumbent Hugo Chavez leading opponent Henrique Capriles Radonski by at least 10 percent.

However, Consultores 21 showed 51.8 percent of Venezuelans saying they'll support the candidate opposing Chavez.

The Candidates:

Hugo Rafael Chavez Frias: At 58 years old, the incumbent has faced a rocky presidency.

Inaugurated on Feb. 2, 1999, Chavez survived a recall vote in 2004 following a failed coup in 2002. Two years later, he was reelected for a second term.

He's representing the United Socialist Party of Venezuela and has had strong support from the country's poor majority and due to his oil-financed laws.

Chavez has also survived three cancer operations and has insisted to continue campaigning despite still recovering. According to Chavez, he's now cancer-free.

Henrique Capriles Radonski: At 40 years old, the former governor of Miranda is challenging Chavez. He was first elected to a political office at 26 years old.

Representing the Justice First Party, the Washington Post noted Carpriles as a moderate with center-left views. He has said to be a supporter of the policies Brazilian President Luiz Inacio Lula da Silva issued which focused on businesses and supporting social programs.

What the Media Are Reporting:

The Associated Press: If Capriles wins, "He would likely reopen the spigot to non-state foreign investment by halting expropriations of private companies. OPEC says Venezuela has the world's largest proven oil reserves, and Capriles says he would manage the oil industry differently. He says the state-owned oil company PDVSA, which critics allege has become an inefficient patronage machine, would remain under government control but be better managed."

The Guardian: If Chavez wins, "he has promised to ramp up production and reduce his country's dependence on the US market by doubling crude exports to Asia. To further this goal, Venezuela plans to build a pipeline through Colombia to the Pacific which would reduce costs and transport times to China and other Asian markets."

BBC News: "This seems to be the tightest presidential race in Venezuela in over a decade, says the BBC's Sarah Grainger in Caracas. The campaign has been fiercely contested, with strong language being used and accusations traded between the two camps."

Reuters: "Venezuelans packed supermarkets on Friday to stock up on food and other essentials in case of trouble around Sunday's presidential vote, which was shaping up as the biggest electoral challenge of Hugo Chavez's 14-year rule."

Reuters/CNBC: "Thousands of Venezuelan expatriates living in the U.S. are so eager to see President Hugo Chavez ousted from power that they plan to travel to New Orleans this week to vote against him."

The Daily Beast: "Many Venezuelans perceive the race as a dead heat. Both the Chávistas and the opposition feel confident and are getting ready to toast to the winner. This seems to indicate that the result will be settled on the toss of a coin."

Live Streaming Provided by Globovision:

If the video above doesn't display, Globovision coverage can be seen by clicking here.

For backup, click here for coverage from Telesur TV.