According to current Brazilian regulations, if the volumes of oil produced used as a reference for the payment of government shares and third parties contain a water content greater than 2% v/v, these volumes must be arbitrarily increased between 1.44% and 10.89% due exclusively to water content, which has caused operational problems for oil companies such as differences between volumes produced and volumes sold, and additional payments from government shares and third parties. This study aimed to evaluate the metrological performance of oil measurement systems with ultrasonic, Coriolis and positive displacement flow meters when subjected to varied water content, fluid temperature and flow rate conditions using the Design of Experiments and the Response Surface Methodology. The analysis of variance showed that the models presented good fits for the ultrasonic meter (coefficient of determination R2 of 97.96%, p-value of 0.001, and a standard deviation of 5.89 × 10−5); Coriolis meter (R2 of 90.91%, p-value of 0.037, and a standard deviation of 5.88 × 10−5); and positive displacement meter (R2 of 99.07%, p-value of 0.000, and a standard deviation of 4.85 × 10−5). The results of the experiments carried out indicate that the contribution of each parameter analyzed to the metrological performance of the measurement system varies depending on the measurement technology used by the flow meter. However, the fluid temperature proved to be a relevant parameter common to all flow measurement technologies evaluated. All measuring technologies evaluated were influenced by water content in the range of 0% to 10% v/v, with the measurement error being less than 0.2% when compared to a standard positive displacement type meter in almost all experimental conditions. The Coriolis-type flow meter was the one that presented the smallest error among the measuring technologies evaluated.