Heat oil in a medium nonstick saucepan over medium heat. Add onion and cook until softened. Stir in remaining ingredients. Bring mixture to a boil, reduce heat and simmer, uncovered, for 20 minutes, stirring occasionally. Transfer mixture to a blender container. Cover and blend at high speed until smooth. Store covered in the refrigerator up to 1 week. Use to baste ribs, pork chops or chicken during the last few minutes of grilling. Makes 1-1/4 cups.