Heat the olive oil in a small saucepan over medium heat. Add the diced onion and cook for 3 to 4 minutes until softened and translucent.
Add the minced garlic and cook for 1 minute, stirring constantly until fragrant.
Stir in the cumin, smoked paprika, and oregano. Cook for 30 seconds to bloom the spices in the oil.
Pour in the entire can of black beans, including the liquid. Add the chicken broth or water and stir well.
Bring the mixture to a gentle simmer. Reduce heat to medium-low and cook uncovered for 8 to 10 minutes until the sauce thickens slightly.
Remove from heat. Stir in the lime juice and season with salt and black pepper to taste.
Garnish with fresh cilantro and serve warm.