Heat the olive oil in a large sauce pan over medium heat. Add the onion and cook until softened, about 5 minutes. Add ketchup, Worcestershire, brown sugar, balsamic, mustard, granulated garlic, smoked paprika, black pepper, cayenne pepper and stir to combine. Bring to a boil, then reduce heat to low and simmer until slightly thickened, about 30 minutes, stirring frequently. Transfer sauce to the jar of a blender and blend until smooth. Let cool to room temperature, transfer to a jar and store in refrigerator for up to a month. This is great on everything- chicken, ribs, burgers. Makes approximately 3 cups