Add olive oil to Instant Pot. Select sauté function with normal heat. When oil is hot, add rice. Cook for 4 minutes until lightly browned.
Add onions, celery, jalapeños, garlic, oregano, chili powder, cumin, and salt. Stir to combine. Cook for 2 minutes.
Add chicken broth; stir to deglaze the pan.
Add the drained Rotel tomatoes and green chilies on top of the rice. DO NOT STIR. (See Tip 2)
Secure the lid on the Instant Pot; make sure that the steam valve is shut. Select manual, high pressure and 5 minutes. After 5 minutes, allow to depressurize naturally for 2 minutes.
After 2 minutes, remove the lid. Add the drained black beans; stir to combine. Return lid to Instant Pot with steam valve open. Allow to sit for 3 additional minutes. Remove the lid; fluff rice with a fork.
If desired, garnish with chopped cilantro or Italian parsley. Yield: 6 servings.