Heat oil in a medium saucepan over medium heat. Add orzo, and cook 3 minutes, stirring constantly. Stir in broth and water; bring to a boil. Reduce heat, and simmer until liquid is absorbed and orzo is done (about 15 minutes). Remove from heat; stir in cheese, basil, salt, and pepper. Sprinkle with the pine nuts.
I've made this for Thanksgiving as a potluck item (I doubled the recipe). I made it the day before and added 1/2 cup boiling broth (to loosen the orzo) right before serving, and reheated it in the oven for about 30 minutes at 350 degrees F.
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