Collect all of the ingredients.
Preheat the oven to 350 degrees Fahrenheit.
Melt the butter in a heavy-bottomed saucepan over medium heat. Meanwhile, bring the stock or broth to a boil in a small saucepan.
When the butter begins to foam, add the diced onion and almonds and sauté for 2 to 3 minutes, or until the onion is slightly translucent.
Cook, stirring constantly, for about a minute, or until the uncooked rice is completely coated with the melted butter.
Bring the hot stock or broth back to a boil before adding the bay leaf. Place the entire pot in the oven, covered. Before putting the pot in the oven, check the seasoning of the cooking liquid and make any necessary adjustments.
Cook the rice for 18 minutes, or until all of the liquid has been absorbed. If there is still liquid in the pot after 18 minutes or the rice is still too moist, re-cover and return the pot to the oven for another 2 to 4 minutes.
Remove the pan from the oven and fluff the rice gently with a wooden fork. Remove and discard the bay leaf. Then wrap a paper towel around the top of the pot, replace the lid, and set aside for 10 minutes.