In a large pot over medium heat, heat the oil. Add the onion and stir to coat with oil. Cook, stirring occasionally, until the onions become translucent, about 6 minutes.
Stir in the spices, salt, pepper and garlic and cook until fragrant, about 2 minutes.
Add the black beans and stir to combine with the spiced onion mixture. Cook for another 3 minutes. Stir in water and bay leaves.
Bring the soup to a boil. Reduce heat. Simmer uncovered for 25 minutes.
Serve immediately with whatever toppings you prefer!