Heat the olive oil of your choice in a large saucepan over medium heat.
Add the onion and cook until softened, about 5 minutes.
Add ketchup, Worcestershire, molasses, brown sugar, balsamic vinegar, mustard, granulated garlic, smoked paprika, black pepper, cayenne pepper and stir to combine.
Bring to a boil, then reduce heat to low and simmer until slightly thickened, about 30 minutes, stirring frequently.
Transfer sauce to the jar of a blender and blend until smooth. Let cool to room temperature, transfer to a jar and store in refrigerator for up to a month.
This is great on everything - chicken, ribs, burgers, shoes. You can literally put it on anything, and I encourage you to do so.
Makes approximately 3 cups