Optoelectronic Oscillators (OEOs) are devices capable of generating high frequency, high spectral purity electrical signals. These devices utilize both electronic and photonic components. Properties of the latter create opportunities to improve spectral parameters and distinguish single operating frequency. Dual-loop OEO is one of possible configurations to achieve abovementioned goal. The mix of electrical and photonic technology in such devices causes however several analysis issues. Most frequent approach involves circuit-based analysis, which cannot provide sufficient information on the operating frequency and output power. In this paper we present an open-loop analysis of dual-loop OEO and its comparison with experiment results.