Equinor's Johan Sverdrup oil field depicted in August 2019. Lundin Petroleum received its first oil from Phase 1 of the Johan Sverdrup field in early October.

A newly-discovered oilfield in the Norwegian part of the North Sea is on track to produce almost 0.5% of global oil supplies next year, despite calls for it to immediately stop producing crude altogether.

Based approximately 87 miles off the West coast of Norway, the Johan Sverdrup oilfield represents the largest North Sea discovery in more than three decades.

It only came on stream in early October, but it is already considered Western Europe's biggest oil producer, supplying more than 300,000 barrels per day (b/d).

Equinor, Norway's state-controlled oil company and Sverdrup's operator, has said it expects crude production from this field to increase to 440,000 b/d in the summer of next year — before eventually climbing up to 660,000 b/d after 2022.

To put those figures into context, the International Energy Agency (IEA) reported earlier this month that global oil supplies stood at 101 million b/d in November. So, assuming total oil output worldwide is little changed over the coming months, the Sverdrup oilfield will soon account for 0.4% of global production.

"It is quite significant," Tamas Varga, senior analyst at PVM Oil Associates, told CNBC via telephone.

The speed of its development has been "absolutely amazing," he added, especially when you consider "the general perception was that the North Sea was declining as far as output is concerned."