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In a small bowl, combine the dried oregano, paprika, garlic powder, onion powder, salt and pepper. Rub the spice mixture over all sides of the chicken thighs.
Pour the olive oil into the Instant Pot inner pot and press the "Sauté" button to turn on sauté mode. Once the oil is hot, spread it over the bottom of the pot. Carefully place the seasoned chicken thighs in the pot. Cook about 4 minutes per side, until both sides are browned. Remove chicken to a clean plate.
Turn off the Instant Pot and pour 1 cup of water into the inner pot. Use a spatula to scrape up any browned bits on the bottom of the pot. This will ensure that you do not get a burn warning during the pressure cooking process.
Place the metal trivet in the Instant Pot. Put the chicken thighs on top of the trivet.
Close the Instant Pot lid and turn the steam release valve to the sealing position.
Press the Manual/Pressure Cook button and cook on high pressure for 8 minutes. The Instant Pot will take about 5 minutes to reach pressure and then the cook time will begin counting down. When the Instant Pot beeps a few times to let you know that the cook time has finished, allow the pressure to release naturally for 5 minutes (just leave the Instant Pot alone).
Then carefully turn the steam release valve to the venting position to release any remaining pressure. When the float valve drops down carefully open the Instant Pot lid. Use an instant-read thermometer to check that the internal temperature of the chicken has reached 165 degrees F, the safe temperature for chicken.