Heat the olive oil in an extra large skillet or large saucepan over medium heat. Add the carrots, onion and garlic and cook, stirring occasionally, until soft, about 10 minutes. Add the basil, salt and pepper and cook, stirring, for an additional 2-3 minutes. Add the tomatoes, chicken broth and sugar. Increase temperature to medium-high heat and bring the mixture to a boil. Reduce to a medium-low heat and simmer for 30 minutes.