Preheat the oven to 350 degrees. Grease an 8-inch round baking pan. Flour the pan.
In the bowl of a stand mixer fitted with the paddle attachment, beat together the olive oil and sugar on medium speed until well combined. Add the eggs and beat for 1 minute. Add the vanilla extract and beat well to combine.
Add the flour, baking powder and salt to the bowl. Run the mixer on low until just moistened. Add the heavy cream and beat for 1-2 minutes, until smooth.
Pour the batter into the prepared pan. Bake for 45-55 minutes, or until a cake tester comes out cleanly.
Let the cake cool in the pan on top of a cooling rack for at least 30 minutes before using a knife to gently loosen the edges and remove from the pan. Dust with powdered sugar. Enjoy.