AI isn't a good resource for things like this -- all it does is regurgitate info scavenged from the internet without determining if the info is reputable or not. Stick to reputable sources like Humblebee or recipes from folks here who have actually tried and tested their formulations.
The specific type of essential oil matters a lot. 10 drops of, say, orange EO might be fine, but 10 drops of cinnamon or clove EO might not be skin safe.
Honey has no business in an otherwise anhydrous formulation like this. Yes, I know people do add honey to lipbalm, but we also get people here who report it separates out, which is no surprise. And the honey increases the chance for microbial growth in the product.
Also five fats plus lanolin reads more like a soap recipe rather than a typical lip balm recipe. It's certainly possible to do this, but most people don't.
And last but not least, a good lipbalm recipe needs to be in weight units (grams or ounces), not volume units (fluid ounces, cups, tablespoons, etc.) for repeatability. I use recipes in units of volume as inspiration, but I convert them to weight.
If using lanolin in a lip balm, I'd definitely use hypoallergenic lanolin that has almost no odor -- Lanisoh is one brand sold in the US. I find it in Walmart in the supplies for nursing mothers. I use lanolin in other products but not in lip balm. If I wanted to try it in lip balm, I'd make a small test batch with varying amounts of lanolin to determine the amount that works best for me.
