Heat a medium (about 3-quart) saucepan over medium heat, then add the butter and olive oil. Once the butter has melted and starts sizzling, add the rice. Cook for about 5 minutes, stirring occasionally to evenly coat the grains with oil and prevent burning.
Next, stir in the paprika, garlic powder, dried parsley, dehydrated onion, black pepper, cumin, and crushed red pepper (if using), ensuring the spices are well distributed.
Gradually pour in the chicken broth while stirring, then add the chicken base and mix until fully dissolved. Increase the heat to high and bring the mixture to a boil, which should take about 2–3 minutes.
Once boiling, reduce the heat to medium and allow the broth to simmer until most of the liquid has evaporated and the rice is visible on the surface, about 10 minutes. Stir occasionally to prevent sticking.
Lower the heat to low, cover the saucepan, and let the rice cook for 20 minutes, stirring only once halfway through. The rice should be tender in the center when done.
Remove the lid and fluff the rice with a fork to release excess steam. Taste and add salt if necessary—we used a pinch as a reference.
Transfer the rice to a serving dish and, if desired, garnish with fresh parsley before serving.