Ranchero Beef Stew

1 tablespoon olive oil
1 pound beef stew meat, cut into 1-inch cubes
1 large onion, cubed
2 medium carrots, cubed
3 garlic cloves, chopped
1 15-to 16-ounce can stewed tomatoes
1 cup canned beef broth
1 4-ounce can diced green chilies
1/2 cup sliced pimiento-stuffed green olives (about 2 1/2 ounces)
2 tablespoons dried oregano
1/3 cup chopped fresh cilantro


Heat oil in heavy large Dutch oven over high heat. Season beef with salt and pepper. Add to Dutch oven; sauté until brown, about 5 minutes. Add onion, carrots, and garlic; sauté 5 minutes. Add tomatoes, broth chilies, olives and oregano. Bring to simmer. Reduce heat to low, cover and simmer until beef is tender, about 1 hour. Uncover; simmer until juices thicken, about 10 minutes. Season with salt and pepper. Stir in cilantro.