Soak the rice in 3 cups of water and let it rest for 2 hours.
Remove all the water from the rice.
Heat the oil over medium heat in a thick-bottomed pot.
Add the rice and cook and stir for a minute.
Add 5 cups of broth. Cook until all the liquid has evaporated, stirring occasionally to prevent it from sticking to the bottom.
Cover with a tight-fitting lid and simmer over very low heat for 15 minutes.
Uncover and stir, moving the rice at the bottom to the top.
Cover again and simmer for another 10 minutes.
Uncover and taste, rice should be cooked thoroughly but firm. If it is still uncooked, add half a cup of broth, cover again and simmer for 5 more minutes.
Serve warm.
Notes
For a vegan and vegetarian version, use vegetable broth.