Preheat oven to 350°F (175°C). Grease an 8×2-inch cake pan and line with parchment paper.
In a bowl, whisk together flour, baking powder, baking soda, and salt.
In another bowl, rub orange zest with sugar until fragrant.
Add olive oil and mix well.
Beat in eggs one at a time.
Stir in milk, vanilla extract, and almond extract.
Fold in the dry ingredients until just combined.
Pour batter into the pan and bake for 40–50 minutes until a toothpick comes out clean.
Let the cake cool completely.
For the frosting, beat mascarpone, powdered sugar, cream, and zest until smooth and fluffy.
Spread frosting over the cooled Orange Olive Oil Cake and garnish as desired.