Venezuela's finance minister said the government has shelved plans to sell off the U.S. subsidiary of state oil company Petroleos de Venezuela.

A decline in global oil prices is hurting economies like Venezuela's that rely heavily on oil exports for revenue. Venezuelan newspaper El Universal reported high inflation in the country is eroding consumer purchasing power by as much as 12 percent.

The government said it was considering separate offers for U.S. subsidiary Citgo from Deutsche Bank, Goldman Sachs and JP Morgan ranging from $10 billion to $15 billion. Venezuelan Finance Minister Rodolfo Marco said in a Saturday interview the newspaper that Citgo was no longer for sale.

"The sale of Citgo has been ruled out and the president has affirmed this," he said. "Venezuela will continue with Citgo and will continue to make investments in its refineries."

In July, the government in Caracas said it could free up export volumes and to start directing oil to the Chinese market through the sale of Citgo.

Combined refinery output from Citgo is 757,000 barrels per day, with most of that centered at its Lake Charles facility in Louisiana.