Remove the rack if it is inside the Instant Pot.

Add the olive oil to the Instant Pot

Add the rice. Then pour the water over the rice.

Replace the lid. Set the valve to "sealing".

Select manual (or the rice function if you have it). Ensure "high pressure" has been selected. Set the timer for 3 minutes.

After it has completed cooking at high pressure for 3 minutes, it will automatically go to "low" and begin counting the time it is at "low", this is the slow release method. When it reaches 7 minutes, quickly release the rest of the steam by using a potholder and carefully turn the valve to "venting".

When all of the steam has been released and the pot has unlocked, carefully remove the lid. Fluff the rice with a fork. Serve immediately or portion it into usable portions for future use.