In a medium saucepan, heat 1 tablespoon canola oil over medium heat.
Stir in the garlic powder, onion powder, and chili powder and cook for 3 minutes until spices are fragrant.
Add the apricot jam and cook for 3 to 4 more minutes, until the jam melts.
Bring the water and cider vinegar to a simmer, then add the ketchup, honey, Dijon mustard, and Worcestershire sauce.
Reduce the heat to medium-low and simmer for about 30 to 35 minutes, stirring frequently. Allow to cool for 5 minutes after removing from the heat. Enjoy!