Heat oil over high heat. Add onion and saute for 2 minutes.

Add garlic and saute for 30 seconds.

Add in the chili powder, paprika, cumin and cayenne. Stir and cook for 1 more minute.

Add in the water and whisk until the mixture becomes very thick. Remove from heat and let cool 10 minutes.

Place butter in a blender or food processor. Add in the chili mixture and Worcestershire sauce. Blend until smooth.

Taste the mixture and add salt and pepper as desired.

Spoon into a container with a lid and refrigerate for 30 minutes.

Soften slightly before serving.