IMF was too pessimistic on oil price - Saudi finmin

RIYADH (Reuters) - Saudi Arabia's Finance Minister Ibrahim al-Assaf said on Sunday the International Monetary Fund (IMF) was overly pessimistic on its forecast for the price of oil this year.

Speaking to al-Arabiya television, Assaf dismissed the likelihood of a contraction in the economy of the world's largest oil exporter saying these predictions were based on the IMF's oil price forecast.

"There was some exaggerated pessimism," he said.

On Saturday, Saudi Arabian Oil Minister Ali al-Naimi said oil prices would "eventually" hit $75 per barrel but cited weak demand as a problem.

Naimi urged OPEC to "stay the course" when it meets on May 28. The group is expected to stick to its current production targets, but stress the need for full compliance with them, a senior Gulf source has previously said.