Heat oil in a small saucepan over medium-high heat. Add flour and cook for 1 minute, whisking constantly. Add in the chili powder, garlic powder, cumin, oregano, and salt and cook for 1 more minute, whisking constantly.
Whisk in the tomato paste, then slowly pour in the broth while whisking constantly to remove any lumps. Continue cooking until the sauce reaches a simmer. Then reduce heat to medium-low to maintain the simmer for about 10-15 minutes, uncovered, until the sauce has slightly thickened.
Use immediately in your favorite recipe.