Preheat oven to 160°C/320F and line a 9x5" loaf pan with parchment paper.
Separate eggs. Place egg yolks in a medium-sized mixing bowl and egg whites in a clean large mixing bowl.
Mix egg yolks using a fork or handheld mixer. Add vanilla extract and honey and mix until combined.
Add oil and heavy cream and continue mixing until combined. Add sifted flour and salt and mix to form a batter. The mixture should be smooth and free of lumps. Do not overmix.
Beat egg whites on low speed using a clean hand-held whisk. Gradually add sugar as the mixture starts to increase in volume. Continue mixing until soft peaks form. The meringue should be light and fluffy.
Slowly fold-in the egg-yolk batter mixture into the meringue using a spatula. Mix until the mixture is incorporated. Do not overmix.
Slowly pour the batter into the pan. If you see any bubbles forming at the surface, break them down using a toothpick or bamboo skewer.
Bake in the center of the oven, uncovered, for 45-60 minutes or until a skewer inserted into the center comes out clean. The top of the cake should be deep golden brown in color. If not, increase oven temperature to 200°C/400F and bake for a further 5 minutes.
Once out of the oven, carefully bang the loaf tin a few times on a heat-proof surface and bring out the cake. Transfer a cooling rack to continue cooling.
Dust with powdered sugar, slice, and serve.