Fire-roasted diced tomatoes and smoked paprika lend a flash of heat to this classic Spanish-style beef stew. Your Instant Pot makes it all come together quickly!
Use a 6-qt. electric or stove-top pressure cooker. For electric cooker, use sauté setting to cook meat, half at a time, in 1 Tbsp. oil until browned, adding additional oil if needed; for stove-top cooker, cook meat, half at a time, directly in the pot in 1 Tbsp. oil over medium-high heat until browned, adding additional oil if needed. Remove meat.
Add broth to electric or stove-top cooker. Bring to simmering, stirring to scrape up any crusty brown bits. Return meat. Stir in next seven ingredients (through paprika).
Lock lid in place. Set electric cooker on high pressure to cook 15 minutes. For stove-top cooker, bring up to pressure over medium-high heat according to manufacturer's directions; reduce heat enough to maintain steady (but not excessive) pressure. Cook 15 minutes. Remove from heat.
For electric and stove-top models, let stand to release pressure naturally, at least 15 minutes, or according to manufacturer's directions. If necessary, quickly release any remaining pressure according to manufacturer's directions. Open lid carefully.
Remove 1 tsp. zest and squeeze 2 Tbsp. juice from orange. Add orange zest and juice to meat mixture. Stir in olives and parsley.