In modern conditions, issues related to the effectiveness of the regulation of the oil industry by the state are becoming increasingly important. In January 2018, the World Economic Forum was held in Davos, at which, in particular, the impact of the growth of protectionist trends in the global trade in hydrocarbons and the impact of climate change on the planet on the export of hydrocarbons was noted. As a result of the forum, the key ways of adjusting the policy of states in the relevant area were identified. At the same time, a significant number of states are already seeing the process of changing state regulation of the industry. Given the current crisis situation associated with the coronavirus pandemic, an increasing number of private enterprises are coming under state control, which gives rise to new discussions about the renaissance of the so-called state capitalism.. In this article, the authors examined country specific features, as well as various concepts of the formation and development of state capitalism in the oil industry.