Add rice, water, salt, bay leaf and oil to a large saucepan and stir to combine. Bring to a full rolling boil over high heat then cover and reduce heat to low. Simmer 15 minutes or until water is absorbed.

Remove from heat and allow rice to sit undisturbed for 5 minutes before removing the lid.

Remove bay leaf and drizzle lime juice over rice and carefully fluff with a spoon then stir to combine rice and lime juice. Add chopped cilantro and toss to combine then season to taste with salt. Serve hot.