Pour 1 1/2 teaspoons oil in a frying pan and heat over medium-high heat. Place half the shrimp in the pan and cook 3 minutes or until finished. Using a slotted spoon, place shrimp in a large bowl. Cook other half of shrimp using remaining oil.
Mix bell pepper, vinegar, onion, carrot, jalapeno pepper, sugar, cumin, salt, red pepper, and bay leaves in a pot. Heat over medium-high heat and let boil. Place lid on pot, lower heat, and simmer 8 minutes.
Spoon pepper mixture over shrimp and top with cilantro. Wrap with plastic wrap and refrigerate 8 hours or up to 2 days, stirring frequently. Take out bay leaves before serving.