That looks like a water based paint on a previously finished, or oily wood.
I've just started using garden wood paint from Ronseal, needs 3 coats, and water based.
Goes on any garden type surface, Masonry included
Up until now, I would thoroughly agree with Myfordman regarding wishy washy water based paint,
But this is covering pretty good so far, 'Er indoors chose Lemon tree and sage and a good price from B&Q.