Step 1Heat the olive oil in a saucepan over medium heat. Add the shallots and cook until softened, 1 to 2 minutes. Add the rice and cook, stirring, for 1 minute. Add the broth, salt and pepper. Bring to a boil, turn the heat to low, cover and cook for 15 minutes. Remove from the heat and set aside. Fluff with a fork when ready to serve.