In large Dutch oven over medium heat, warm oil until it ripples. Place venison in and brown on all sides. Remove venison to plate; set aside.
Combine onions thru carrots in oven and saute until onions are translucent. Place venison and its reserved juices back in the oven; then deglaze the oven with water. Add in the remaining ingredients except the barley; bring to a boil, then reduce heat to a simmer and cover. Simmer for 1 1/2 hours until venison is tender (if necessary, skim fat).
After 1 1/2 hours, stir in barley. Return to boiling then reduce heat and simmer for 45 minutes until barley is done.