In a fine mesh strainer, rinse rice well until water runs clear.
Add rice to the insert of your Instant Pot. Add water, oil, and salt. Push down any rice that may be on the side of the pot to submerge in liquid.
Secure cover, turn valve to seal, and set Instant Pot on the manual setting (High pressure), or Pressure Cook depending on the model, for 24 minutes. It will take about 5 minutes to come to pressure. When the timer goes off, let it naturally release for 10 minutes (in other words, leave it alone for 10 minutes).
Once 10 minutes has elapsed, turn valve to release remaining pressure. Fluff the rice with a fork and serve. Makes 3 cups.
Video
Notes
For 2 cups rice (makes 6 cups cooked): Use 2 cups rice, 2 cups water, 4 teaspoons oil, 1 teaspoon salt. Cook as directed. It will take a bit longer to come to pressure (about 8 minutes).
For 3 cups rice (makes 9 cups cooked): Use 3 cups rice, 3 cups water, 2 tablespoons oil, 1 ½ teaspoons salt. Cook as directed. It will take about 10 minutes to come to pressure.
Storage & Freezing Tips: Cool cooked rice before storing. Store in the refrigerator in a covered container for up to 4 days. Rice can be frozen in a resealable freezer bag (flatten slightly before freezing) for 6 months or longer. Thaw overnight in the refrigerator, a couple of hours on the counter, or in the microwave (45 seconds-1 minute).