Preheat oven to 160℃/320℉ and remove the membrane on the bony side.
Combine the dry rub ingredients and rub onto both sides of the ribs, mostly on meaty side.
Place ribs on a tray in a single layer. Mix the water, honey and oil together and pour it underneath the ribs, cover with foil then bake for a minimum of 2 hours but if you have the time I'd recommend you do 3 hours. The meat will pull away from the bone and become more tender. Note: if you're using beef ribs, you'll need to bake them for 4-4hrs 30mins.
Meanwhile, place all ingredients in a saucepan and simmer over medium heat, stirring occasionally, for 45 minutes or until thickened. Adjust to taste: sweetness with molasses/honey, salt and ACV. Use for glazing ribs and as a sauce for serving.
Remove from oven, turn up to 180℃/350℉. Also, move the oven rack higher up if possible (closer to the boiler). Remove the water below the ribs, drizzle with olive oil, then return the ribs to the oven for 15 minutes or until rub it starts forming a nice crust.
Flip ribs so the bonier side is up. Slather with the BBQ sauce, then bake for 10 minutes.
Remove from oven, then turn ribs over so the meaty side is up. Slather with BBQ sauce, bake for 5 minutes. Repeat 2 or 3 more times until you've got a thick glaze on the ribs.
Cut ribs into individual or multiple rib portions, glaze the ribs with the BBQ sauce and serve with the remaining BBQ sauce on the side.