Venezuela is on the “brink of civil war” as leader Nicolás Maduro warns of a “bloodbath” occurring if he loses the upcoming election.

Maduro, who has ruled the country for 11 years and is a closeally of Vladimir Putin, has become increasingly unpopular due to the country’s economic crisis and political repression.

He is now facing steep odds against opposition candidate Edmundo Gonzalez, a former diplomat who has overtaken the incumbent President in opinion polls.

Gonzalez’s appeal has stemmed from the fact that he has the backing of María Corina Machado, who won an opposition primary in October by 93 per cent despite being banned from running from office. Gonzales became the opposition’s “placeholder” candidate but when the presidential ballot was confirmed, Gonzales’ name was still on it.

Despite polls showing that Maduro is set to lose, the leader is not going down without a fight.

Speaking at a rally on Thursday, he said: “If they jump a red light [by questioning the results], they will regret it for 200 years. It will be the last mistake they make in their political lives.

“There will be an iron fist and justice for the violent fascist protesters and the racists.”

Inside sources have told The Sun that the president “will not accept defeat”.

LATEST DEVELOPMENTS:

Two large oil tankers explode in blazing inferno after crashing into each other near Singapore'Venezuelan Baby Reindeer' arrested in Spain after stalking dozens of womenVenezuela's inflation is so bad that people don't need to hide their pins

Andre Masuko, a research analyst for Latin America and the Caribbean at the Economist Intelligence Unit said: “We think that he's inciting violence because he knows he's going to lose in a free and fair vote.

“We do not think that Maduro will accept defeat. We think that Maduro will manipulate the results on election day.”

He added: “I mean we cannot discount the possibility of a civil war, but I would say it is unlikely.”

Polling from firm ORC Consultores shows Maduro with 12.5 percent support, compared with a whopping 59.6 percent for Gonzalez ahead of the July 28 election.

Maduro has presided over the economic meltdown in Venezuela, which was once among South America's wealthiest countries.

Venezuela’s economy has sunk in the last 10 years, as the price of its main export, oil, plunged, Government mismanagement and US sanctions - given in response to alleged human rights abuses- led to a drastic decline in oil production and severe underinvestment in the sector.

Meanwhile, hyperinflation has led to scarcity of basic goods and caused the country’s economy to shrink by three-quarters, causing many people to leave the country to find opportunities elsewhere.

The Venezuelan bolivar, the once prosperous currency, has struggled to recover, and locals have begun sharing their bank details with others, with security concerns going out the window due to the extremely low value of the currency.