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1. In a food processor or blender, combine 1/3 cup of the oil, the basil, nuts, cheese, garlic, and salt. Cover and process or blend until nearly smooth, stopping and scraping sides as necessary and adding enough remaining oil until desired consistency. Add black pepper to taste.
2. If you're not serving the pesto immediately, divide it into 3 portions. Place each portion in a small airtight container and refrigerate for 1 to 2 days or freeze for up to 3 months. Makes about 3/4 cup pesto.