In a large bowl, pour in the canned tomatoes. Use a fork or knife to slice the tomatoes, or use your hand to mash them. Pour them along with all juices into the skillet. Turn the heat to low and simmer until the tomatoes cook down, 10 to 15 minutes.
Turn off the heat. Tear pieces of fresh basil and add them to the pan. Drizzle with the remaining 2 tablespoons oil and taste for seasoning. Serve with meatballs or use as a sauce over pasta.