In large stock pot or Dutch oven, heat oil over medium-high heat. Add onion, carrots and garlic; sauté until carrots are softened (about 5-7 minutes).
Add in cumin and chili powder; stir until well mixed. Add broth, tomato sauce and black beans.
Bring to a boil; reduce heat and simmer 10-15 minutes or until carrots are tender and soup is slightly thickened. Salt and pepper to taste.