On high heat, cover the bottom of instant pot with oil, add butter and let butter melt.
Add in onion and cook for 3 minutes, until the onion starts to look transparent.
Next add in garlic and continue to cook for an additional minute.
Stir in carrots, add in salt, black pepper, white pepper, cumin, and smoked paprika, stir together to combine well.
Now add in vegetable broth and stir.
Cook on high pressure for 7 minutes with a natural release of at least 15 minutes, after the 15 minutes you can release the rest of the pressure to drop the pin.
Take an immersion blender and blend everything until completely smooth.
Stir in whipping cream and parsley.
Serve and enjoy!