Rinse rice until water runs clear.
Saute rice in oil for 3 minutes over medium heat.
Add bay leaf and water and bring to a boil.
Reduce heat and simmer covered for 20 minutes or until water is absorbed.
Turn off heat and let rice sit covered for 15 minutes.
Mix salt and lime juice until salt is dissolved.
Remove bay leaf from rice.
Spread juice mixture and cilantro over rice and fluff with fork to distribute.