In a pot over medium heat, heat the oil. Add the onion and cook until soft and translucent, about 5 minutes. Add garlic and cook until fragrant, about 2 minutes. Season with salt, pepper, chili powder, and cumin and stir to coat.
Add the can of black beans with the liquid and chicken broth. Stir soup, and bring to a boil. Immediately reduce to a simmer and let simmer until slightly reduced about 15 minutes.
Using an immersion blender or standup blender, blend the soup until it is smooth.