Heat oil in a small saucepan over medium heat. Sauté onion and garlic until it smells up the house and gets soft. Reduce heat to medium low.
Add ketchup, apricot preserves, chili powder, mustard, and liquid smoke to the pan.
Simmer for 15-20 minutes, until thickened sufficiently.
Notes
Simmer means to cook it just below boiling. It may bubble a bit, but it should not come to a rolling boil. If it boils, turn the heat down to low.You will need apple-flavored liquid smoke for this recipe. You can buy it on Amazon for just a couple of bucks.If sugar content is a concern for you as it is for me, you will also want to get some low sugar ketchup, which is also available on Amazon.