Combine tomato paste and water in a sauce pot on the stove over medium-high heat. (You want it at a gentle boil) Stir until well combined.
Add remaining ingredients, then reduce to medium-low. Simmer, uncovered, stirring frequently, for 20 minutes, or until slightly thickened.
Taste and adjust sweetener or seasonings. if you prefer the sauce to be sweeter or spicier. If it’s still thicker than you like, you can stir in additional water, a tablespoon at a time, until reaching desired consistency.