Heat the oil in a medium saucepan over moderate heat. Add the onion and cook, stirring occasionally, until golden, about 5 minutes. Add the chile powder, cumin and garlic and cook over low heat, stirring frequently, until lightly browned, 5 minutes. Add 1 cup of the wine and cook over moderately low heat, stirring, until the mixture is thick, 5 to 6 minutes. Whisk in the water, balsamic vinegar, preserves, brown sugar, tomato paste, 2 teaspoons of salt and 1 tablespoon of pepper. Cook over moderately low heat, stirring frequently, until reduced to 3 cups, about 50 minutes. Whisk in the remaining 1/2 cup of wine and simmer over high heat for 5 minutes. Let cool. Scrape the jam into a blender and puree until smooth. Transfer to a jar and refrigerate.