Heat olive oil in a medium pot. Add onions and cook over medium heat for 2 minutes. Add garlic and cook for an additional minute.
Add all remaining ingredients and stir to combine.
Bring sauce to a simmer over medium-high heat for 1-2 minutes, until it starts to bubble. Quickly, reduce the heat to low and simmer for 10-15 minutes, stirring occasionally.
Remove sauce from heat, and cool for 10 minutes before using.
I recommend making this sauce 24 hours in advance. If you choose to do so, let sauce cool, place into an air tight container and store in the refrigerator for up to 5 days after initial preparation. Reheat in microwave or stovetop before serving.