In the general vapor-compression refrigeration system, refrigeration lubricant circulates in refrigeration system with refrigerant. Knowledge of the amount of circulating lubricant is very important to exactly calculate capacity of the refrigeration system. An experimental study was conducted to estimate the oil concentration of a flowing $CO_2/Oil$ mixtures. POE and PAG oil are considered as test lubricants in this study. Performance tests were conducted under simulated liquid conditions for $CO_2/POE$ oil mixture in oil concentration of 0 to 10 weight-percent and $CO_2/PAG$ oil mixture in oil concentration of 0 to 6 weight-percent in the temperature ranges of $-5^{circ}C;to;15^{circ}C$. The results obtained indicate specific gravity of $CO_2/Oil$ mixture is increased as oil concentration is increased and as temperature of mixture is decreased. Oil concentration correlation of $CO_2/POE$ oil mixture and $CO_2/PAG$ oil mixture is suggested, based on the measurement of specific gravity and temperature. This correlation enable to predict the oil concentration without extraction of the mixture and can be applied for $CO_2/POE$ mixtures and $CO_2/PAG$ mixtures.