Heat 1 tablespoon canola oil in a medium saucepan over medium heat. Add the garlic powder, onion powder, and chili powder and cook until spices are fragrant, about 3 minutes.
Stir in the apricot jam; cook until the jam melts, 3 to 4 minutes more.
Pour in the water, cider vinegar, bring to a simmer, and then add the ketchup, honey, Dijon, and Worcestershire.
Adjust the heat to medium-low and simmer, stirring often, until reduced by half, 30-35 minutes. Remove from the heat and let cool for 5 minutes.
Video
Notes
Don't reduce the sauce by more than half; it will thicken more as it cools and refrigerates.
How to Store
Refrigerate - Cool to room temperature then store in an airtight container in the refrigerator for up to 1 month.
Freeze - Cool to room temperature then place in a zip-top freezer bag and store in the freezer for up to 1 month. Thaw in the refrigerator overnight.