Rinse the rice thoroughly under cold water to remove excess starch. This helps the grains stay fluffy and separate.
In a medium saucepan, heat the olive oil over medium heat, then add the rinsed rice. Sauté for 1-2 minutes, until slightly translucent.
Pour in the water, add salt and black pepper, then stir once. Cover the saucepan and let it simmer on low heat for about 15 minutes, or until the rice has absorbed all the water.
Once the rice is cooked, remove from the heat and let it rest, covered, for another 10 minutes. This helps the grains to fully soften.
Drizzle the cooked rice with freshly squeezed lime juice, then sprinkle with grated lime zest and finely chopped fresh cilantro.
Before serving, gently fluff the rice with a fork to make it light and airy.
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