In medium saucepan, heat the oil over medium heat.
Add the onion and sauté until translucent,( about 3 mins if you blended it like we did).
Add the garlic and cook for 1 minute.
Add the ketchup, honey, tomato paste, vinegar, brown sugar, Worcestershire, mustard, cayenne, black pepper and liquid smoke and stir well.
Add the Applewood seasoning, stir well and simmer for 4-5 minutes.
If the sauce is too thick for your liking, you can slowly whisk up to ½ cup water in until the sauce reaches the consistency you like, bringing it back to a simmer.
Cool and store in an airtight container in the refrigerator.