Heat 1 tablespoon of water, in a large pot or Dutch oven, over medium heat. Add the onion, garlic and red pepper with a pinch of salt, and cook for 6-8 minutes, or until soft.
Add the dried oregano, cumin, smoked paprika, salt, and rice, and mix well. Cook for 1-2 minutes, or until everything is hot and well blended. Add the sherry vinegar and deglaze any brown spots. Add the black beans and reserved liquid, and water. Stir to combine. Add the bay leaf.
Bring the rice and bean mixture a boil, then cover, reduce heat, and simmer for 45-50 minutes, or until almost all of the liquid has been absorbed and the rice is tender. (It's okay if it's still a little moist.)
Give the beans and rice a gentle stir, then cover again and let rest for 5 minutes. The rice will absorb a little more liquid as it sits. Don't over stir, or the rice will become mushy.
Garnish with more smoked paprika and dried oregano, if desired.