I think you get Eu2O3 from O2, Eu(OH)3 from H2O, maybe some carbonate, the same as the rest of the lanthanides (except Ce) form.
I can't imagine how this would turn into a liquid though. Are you sure this isn't a solution of Eu? Or the mineral ol/etc it was stored under? I can't imagine Eu metal lasting decades, it corrodes fine under oil in much less time.