In a sauce pan over medium heat, heat the oil.
Add in the garlic, shallot, and ginger. Sauté until garlic is lightly browned and shallot is transparent, about 3-5 minutes.
Add in the ketchup, molasses, brown sugar, water, honey, Worcestershire, Red wine vinegar, salt, and pepper. Stir until combined and bring to a boil. Reduce the heat to low and continue to boil for 10 minutes.
Remove from heat and add in the chile pepper. let sit for 5 minutes. This helps softened the chili.
In a food processor or blender, transfer in the sauce mixture with the soaked chile pepper. Blend contents until smooth.