Brush the meat with the olive oil. Combine all of the seasonings in a small bowl. Rub the seasoning paste uniformly over the meat. Place the meat, bone side down, in a roasting pan and roast for 20 minutes.
At the end of 20 minutes, reduce the oven temperature to 350 degrees and continue cooking for 1 1/2 to 2 hours for medium rare or until a thermometer inserted near the center of the roast reads 130 degrees. While the beef is cooking, periodically, CAREFULLY pour off the fat that has accumulated in the roasting pan into a heat proof container.
Remove the roast from the oven and allow to stand for 20 minutes before carving.
After the roast has rested for 20 minutes, transfer it to a large cutting board, being careful not to burn yourself. Lay the roast bonesidedown on the cutting board. Insert a sharp knife between the meat and the rib bones, separating the meat from the ribs in one large piece to slice the beef into boneless slices or simply carve into rib portions, each with a bone attached . Carve the boneless meat into 1/2-inch thick slices.