Black Beans (Frijoles Negros)

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2 pounds black beans

20 cups water

1 cup plus 4 tablespoons olive oil, divided

1 large onion, chopped

8 garlic cloves, mashed or chopped

1 green bell pepper, chopped

8 teaspoons salt

1 teaspoon pepper, optional

1 teaspoon dried oregano

2 bay leaves

4 tablespoons sugar

1 cup dry red wine

4 tablespoons vinegar