Set Instant Pot to Saute. Add oil and heat thoroughly, then add onion, garlic, oregano, and cumin. Cook 5 minutes, stirring occasionally.
Add beans and broth, stirring to combine broth with spices. Close and seal lid.
Set Instant Pot to Manual High Pressure for 45 minutes. Instant Pot will take 10 to 15 minutes to come to pressure before cook time starts. When time is up, naturally release pressure according to manufacturer's instructions, 10 to 40 minutes. Vent to release any remaining pressure and carefully remove lid.
Drain beans, reserving 2 cups of liquid. Add beans, salt and liquid to a high speed blender to puree beans.