HEAT oil in medium saucepan. Add vegetables; cook and stir 2 to 3 minutes or until crisp-tender.
ADD remaining ingredients; bring to boil. Reduce heat to medium; simmer 5 minutes, stirring occasionally.
STORE in tightly covered container in refrigerator until ready to use. Sauce can be used to brush on ribs or chicken during last 10 minutes of grilling time, turning every few minutes to prevent burning.