Modulating the speed of the compressors and adapting its capacity to the required load has led to a decrease in the annual energy consumption in many applications. However, in the compressor, having adequate lubrication at low speeds usually implies discharging too much lubricant at higher speeds. Although necessary for compressor operation, lubricating oil acts as a contaminant in the rest of the system. Consequently, manufacturers have to consider the oil circulation rate (OCR), as it limits the speed range of the compressor. In a previous study, a compressor was tested over its speed range (30 – 110 Hz), working with R290 and POE68 as a lubricant. Experimental data confirm the increase of OCR with speed and suggests that working with R290-POE68 could imply higher OCR values compared to other refrigerant-oil mixtures. In this study, the impact of the OCR in the performance of a R290 heat pump was theoretically assessed. Three contributions were studied: The heat transfer coefficient (HTC) reduction in the evaporator, the effect of refrigerant being solved in oil and finally, and the impact of oil in the compressor. It was found that OCR values of 5% could decrease the coefficient of performance (COP) by more than 20%. © 2022