Mexican Rice (aka "Mom's rice from AMA")

From AMA Tex Mex cookbook. Nick says this is the best rice I have made. Maria's still wins, but it is good! Added to the rotation.
SERVES 6 TO 8 (MAKES 5 1/2 CUPS)
2 Tbsp avocado oil
2 cups [400 g] good-quality long-grain rice (AMA uses Anson Mills Carolina Gold, I use whatever I have on hand)
1 large shallot, or 1/4 large onion, finely chopped
2 garlic cloves, minced
1 ½ cups [360 ml] V8 vegetable juice
3 cups [720 ml] vegetable broth, chicken broth, or water
¼ tsp salt
2 Tbsp finely chopped fresh flat-leaf parsley leaves
2 Tbsp finely chopped fresh cilantro leaves
1. Heat the oil in a sauté or other high-sided pan, preferably nonstick, over medium-high heat until hot and shimmering. Add the rice and toast, stirring occasionally, until light gold, about 5 minutes.
2. Add the shallot and garlic, and sauté until fragrant, 1 minute. Add the V8, vegetable broth, and salt.
3. Bring to a boil, lower the heat to low, cover, and simmer until the liquid is fully absorbed. Keep an eye on it; if it’s absorbed before the rice is tender, add a little more stock, starting with a few tablespoons. Fluff the rice with a fork and stir in the parsley and cilantro. Serve immediately.