Add all ingredients to a saucepan on medium heat and bring to a simmer, whisking regularly to mix well.
1 Tbsp Olive Oil, ½ cup Ketchup, ½ cup Water, 2 Tbsp Apple Cider Vinegar, 2 Tbsp Soy Sauce, 1 Tbsp Tomato Paste, 1 Tbsp Dijon Mustard, 2 Tbsp Maple Syrup, 1 tsp Lemon Juice, ½ tsp Liquid Smoke, ½ tsp Garlic Powder, ½ tsp Onion Powder, ½ tsp Smoked Paprika, ¼ tsp Cayenne Pepper, ¼ tsp Salt, ¼ tsp Ground Black Pepper
When it reaches a simmer, reduce the heat and let it simmer for 10 minutes, whisking regularly, to let the sauce reduce and thicken. If you want a thicker sauce, let it simmer for longer.
Remove it from the heat and allow it to cool completely.
Transfer the sauce to an air-tight container or jar and refrigerate.
Notes
To add more spice, add more Cayan or some Red Pepper Flakes.