Drain black beans, reserving 1/2 cup liquid. Set aside.
Heat oil in a large, heavy pot over medium-high heat. Add onions, bell peppers, and garlic; saute until onions are soft and translucent, about 10 minutes. Add chili powder, oregano, cumin, and cayenne pepper; cook and stir until fragrant, about 2 minutes.
Add reserved black beans, 1/2 cup bean liquid, and tomato sauce. Bring to a boil, stirring occasionally. Reduce heat to medium-low. Simmer, stirring occasionally, until flavors blend and chili thickens, about 15 minutes.
Season to taste with salt and pepper. Ladle chili into bowls to serve.
For a chunkier dish, use crushed tomatoes instead of tomato sauce.
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