Points Produced is Dean Oliver’s metric of player’s offensive contribution which has been considered more important than the individual “points scored”.
It is simply just the amount of points produced by a player per 100 possessions.
A player produces points through made shots, assists, and offensive rebounds. The number of points produced by the various methods depends on the actual number of points scored and the importance of the player’s contribution. Also, the sum of all teammates’ individual points produced should be very close to the number of points actually scored by the team.
More explanation can be found here.