Heat oil in a small saucepan over medium heat. Add lime zest, green onions, shallots, and crushed red pepper, and mix well. Cook 2 to 3 minutes or until shallots are translucent, stirring frequently to prevent browning. Reduce heat to low.
Stir in coconut milk and next 3 ingredients. Simmer 3 to 5 minutes. Add cilantro just before serving.