Heat a saucepan at medium-high heat. Add butter and once melted add the onions and garlic and cook, stirring 5-7 minutes.
Add the tomato paste and ketchup and cook, stirring about 3-4 minutes.
Stir in the paprika, cumin, brown sugar, salt and pepper and cook until fragrant, about 30 seconds.? Stir in the water, vinegar, hot sauce, and Worcestershire sauce and bring to a boil. Reduce to simmer and cook for 20-30 minutes until thickened. Let cool then process in a blender or food processor until smooth, about 1 minute.
Feel free to substitute dark brown sugar for the molasses.