An algorithm based on continuous measurement of multiphase flows of oil well production has been designed to improve the efficiency of the technical control of oil production processes in the field. Separation-free, non-contact measurement of multiphase flows of oil well products allows increasing the efficiency of managing oil production processes in the field. Monitoring the current density using radioisotope measuring transducers (RMTs) allows obtaining information about the structure of the flow in the form of the distribution of gas inclusions and the speed of movement of liquid and gas in a two-phase flow. Fluid velocity measurement is based on digital processing of RMT signals, applying a continuous or discrete undecimated wavelet transform to them, and assessing the cross-correlation of wavelet coefficients in individual subspaces of the wavelet decomposition. The cross-correlation coefficients of two RMT signals located at a base distance, calculated in the subspaces of the wavelet decomposition, characterize the speed of movement of gas bubbles of different sizes in a vertical pipe. The measurement assumes that the velocity of the liquid phase of the oil flow in a vertical pipe mainly corresponds to the velocity of small bubbles. This speed should be determined by the maximum cross-correlation of wavelet coefficients in the corresponding decomposition subspace. Computer modeling made it possible to evaluate the characteristics of the algorithm for controlling the speed of liquid movement in the gas–liquid flow of oil well products and determine the mass flow rate of the liquid and the relative value of the gas content. The implementation of the algorithm in a multi-channel version of the device allows monitoring an entire cluster of wells in the field.