Preheat the oven to 300˚F. In a heavy pot or Dutch oven, heat a drizzle of oil over medium-high heat and brown the meat on all sides, sprinkling with salt and pepper. Add the onion, chili powder and cumin and cook for another 2-3 minutes.
Add the stock and pour off some of the juice from the can of tomatoes, cover and transfer to the oven for 1 1/2 hours, or until the beef is tender. Return to the stovetop and add the remaining ingredients; bring to a simmer and cook for 20-30 minutes, until thick and reduced, adjusting salt and chili powder as needed.