In a saucepan over medium, sauté the onion in the vegetable oil until translucent (4- to 5 minutes).
Add the tomato paste and garlic and continue to cook, stirring often, for 1 to 2 minutes.
Add the ancho peppers, red wine, and 2 tablespoons of the reserved ancho pepper liquid, then lower the heat to low and allow the mix to simmer for 2 to 3 minutes, stirring occasionally.
Add the ketchup (or chili sauce), apple cider vinegar, brown sugar, Worcestershire sauce, ground cumin, salt, and pepper. Continue simmering and stirring for 2 to 3 minutes.
Remove the mix from the heat and allow it to cool for 5 minutes. Then transfer the mix into a blender (or use a food processor). Process the sauce until you reach a smooth consistency. Add ancho water as needed to thin the sauce.
Use immediately, or for best flavor place the ancho BBQ sauce in a covered airtight container and chill overnight to allow the flavors to meld. The sauce will also keep for 1 to 2 weeks if prepping in advance.