Heat oil in a large saucepan or Dutch oven over medium-high heat until the oil shimmers. Add the onion, bay leaf, cinnamon stick and cook, stirring frequently, until the onions start to brown, approximately 3 to 4 minutes. Add 1 tablespoon water, scrape up browned bits from pan, and continue cooking. Repeat this process until onions are a deep brown, approximately 10 minutes.