Heat oil in large saucepan on medium-high heat. Add 1/2 of the meat; cook and stir 3 to 4 minutes or until browned. Remove with slotted spoon. Repeat with remaining meat. Return all meat to saucepan.
Stir in beef broth, tomatoes, carrots, onion, oregano, thyme, garlic powder and pepper. Bring to boil. Reduce heat to low; cover and simmer 1 hour or until meat is tender.
Stir in barley. Cook on medium heat 30 minutes or until tender.