Step 1: Heat oil in a medium saucepan over medium.
Step 2: Add chilies; cook 10 minutes, stirring often.
Step 3: Add vinegar and salt; cook 5 minutes, stirring occasionally.
Step 4: Remove from heat; cool 10 minutes.
Step 5: Transfer mixture to a food processor; add 3 tablespoons water. Pulse until nearly smooth, 3 to 4 times.
Step 6: Serve immediately, or refrigerate in an airtight container up to 1 week.
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