Heat oil in a medium saucepan over medium-high. Add shallots; sauté 3 minutes. Add rice; cook 2 minutes, stirring to coat. Add stock, salt, pepper, and bay leaf to pan with rice; bring to a boil.
Reduce heat; cover, and simmer 18 minutes or until liquid is absorbed. Remove pan from heat; let stand 5 minutes. Discard bay leaf. Stir in parsley.
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