| The International Monetary Fund said it expects the European economy will remain in recession for 2013 and expand by less than 1 percent next year. That translates to lower demand for oil and natural gas. On strategic issues, EU leaders last week said they were concerned about the ability to defend the bloc's national interests in the age of austerity.
With demand centers for energy resources shifting to Asian economies, and production gains continuing in North America, the European Union may find itself in desperate need of a revolution on many fronts if it wants to stay relevant in the international community...............................................Full Article: Source
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