The purpose of the analysis is to study the conceptual models and mechanisms of the state's oil policy in some OPEC countries and Russia. Despite the fact, that today the world is pursuing a course to reduce the energy intensity of the economy and protect the environment, economic welfare largely continues to depend on oil consumption, and the oil industry has a global nature of its functioning. This requires taking into account the mechanism of the state's influence both on the external and internal segments of the oil market, on pricing and oil refining. At the same time, government interaction with oil companies is necessary, which also involves state participation in the industry. However, the environmental component of oil policy is becoming increasingly important. We understand all these aspects as components of oil policy. The focus of this article is on the oil policy of Saudi Arabia, along with other Arab countries that are members of the Cooperation Council for the Arab States of the Gulf (the Gulf Cooperation Council, GCC), which often follow the Saudi Arabia oil policy. Also, the key attention in the analysis of the problems posed is paid to the oil policy of the Russian Federation, because both Russia and Saudi Arabia are the most important countries - suppliers of oil to the world market, and net oil exporters (unlike the United States). The oil policy of Saudi Arabia has a historical character of its formation. Its conceptual foundations were developed by such a famous politician as the ex-president of the world's largest oil company Saudi ARAMCO and the ex-minister of oil of the Kingdom of Saudi Arabia Ali al-Naimi. Russia's oil policy has a new direction in its foreign economic policy, which, in fact, appeared only from the end of the 1980s, since the USSR until the 1990s sold on the foreign market some of the oil produced under the state monopoly in order to receive foreign currency for external payments. The exchange rate of the national currency, the Soviet ruble, in a planned economy was determined directly in the domestic market and depended weakly on the world oil market, which was mainly influenced by OPEC oil exporting countries. A significant part of the oil from the USSR was supplied to the socialist countries at low prices. Currently, the oil policy of Russia, Saudi Arabia and other countries - major oil exporters, is based on existing oil producing and exporting structures - oil companies, both private and state-owned. The oil policies of these exporting countries are also based on the potentiality for exploration and development of oil reserves, taking into account the capacity of markets and environmental trends. In addition to the above, by studying the concepts of oil policy in Saudi Arabia, OPEC and Russia, the problem of the interaction of OPEC countries and Russia in politics on the world oil market is important. Particularly important is the role of Saudi Arabia and Russia in collaboration with other countries participating in the Agreement OPEC+, which recently encountered difficulties in coordinating the interests of the participants. This happened against the background of the market being occupied by oil producers not participating in the agreement (shale industry in the USA, Canada, etc.). In this article the authors seek to answer the question of how effective the oil policy of such major oil producers and net exporters as Saudi Arabia (together with some OPEC countries) and the Russian Federation has been recently? The issue is considered not only from the point of view of global policy in the oil industry, but also from the point of view of the problems of developing the domestic segment of the national economy of countries - large oil producers and exporters, and also from the point of view of environmental protection problems. In the research the methods of macro and microeconomic analysis, structural analysis, statistical analysis, historical and political analysis are used. The results of this research can be used in further researches of Russia and OPEC states policy in the sphere of the oil industry and for the coordination of the international economic cooperation between oil-exporting countries in different spheres. © 2020 International Multidisciplinary Scientific Geoconference. All rights reserved.