diff --git a/python/src/otel/otel_sdk/nodeps-requirements.txt b/python/src/otel/otel_sdk/nodeps-requirements.txt
index 179aa72c9a..e3b15840fc 100644
--- a/python/src/otel/otel_sdk/nodeps-requirements.txt
+++ b/python/src/otel/otel_sdk/nodeps-requirements.txt
@@ -1,4 +1,4 @@
 # TODO: move these dependencies to requirements.txt when they stopped relying on a pinned version of
 # opentelemetry-propagator-aws-xray
-opentelemetry-instrumentation-aws-lambda==0.54b1
-opentelemetry-instrumentation-botocore==0.54b1
+opentelemetry-instrumentation-aws-lambda==0.55b1
+opentelemetry-instrumentation-botocore==0.55b1
diff --git a/python/src/otel/otel_sdk/requirements.txt b/python/src/otel/otel_sdk/requirements.txt
index d3d124e456..d31c54d738 100644
--- a/python/src/otel/otel_sdk/requirements.txt
+++ b/python/src/otel/otel_sdk/requirements.txt
@@ -1,36 +1,36 @@
-opentelemetry-sdk==1.33.1
-opentelemetry-exporter-otlp-proto-http==1.33.1
-opentelemetry-distro==0.54b1
-opentelemetry-instrumentation==0.54b1
-opentelemetry-semantic-conventions==0.54b1
+opentelemetry-sdk==1.34.1
+opentelemetry-exporter-otlp-proto-http==1.34.1
+opentelemetry-distro==0.55b1
+opentelemetry-instrumentation==0.55b1
+opentelemetry-semantic-conventions==0.55b1
 opentelemetry-propagator-aws-xray==1.0.2
 
 # Instrumentation dependencies
-opentelemetry-instrumentation-aiohttp-client==0.54b1
-opentelemetry-util-http==0.54b1
-opentelemetry-instrumentation-asgi==0.54b1
-opentelemetry-instrumentation-asyncpg==0.54b1
-opentelemetry-instrumentation-boto==0.54b1
-opentelemetry-instrumentation-boto3sqs==0.54b1
-opentelemetry-instrumentation-celery==0.54b1
-opentelemetry-instrumentation-dbapi==0.54b1
-opentelemetry-instrumentation-django==0.54b1
-opentelemetry-instrumentation-elasticsearch==0.54b1
-opentelemetry-instrumentation-fastapi==0.54b1
-opentelemetry-instrumentation-falcon==0.54b1
-opentelemetry-instrumentation-flask==0.54b1
-opentelemetry-instrumentation-grpc==0.54b1
-opentelemetry-instrumentation-jinja2==0.54b1
-opentelemetry-instrumentation-mysql==0.54b1
-opentelemetry-instrumentation-psycopg2==0.54b1
-opentelemetry-instrumentation-pymemcache==0.54b1
-opentelemetry-instrumentation-pymongo==0.54b1
-opentelemetry-instrumentation-pymysql==0.54b1
-opentelemetry-instrumentation-pyramid==0.54b1
-opentelemetry-instrumentation-redis==0.54b1
-opentelemetry-instrumentation-requests==0.54b1
-opentelemetry-instrumentation-sqlalchemy==0.54b1
-opentelemetry-instrumentation-sqlite3==0.54b1
-opentelemetry-instrumentation-starlette==0.54b1
-opentelemetry-instrumentation-tornado==0.54b1
-opentelemetry-instrumentation-wsgi==0.54b1
+opentelemetry-instrumentation-aiohttp-client==0.55b1
+opentelemetry-util-http==0.55b1
+opentelemetry-instrumentation-asgi==0.55b1
+opentelemetry-instrumentation-asyncpg==0.55b1
+opentelemetry-instrumentation-boto==0.55b1
+opentelemetry-instrumentation-boto3sqs==0.55b1
+opentelemetry-instrumentation-celery==0.55b1
+opentelemetry-instrumentation-dbapi==0.55b1
+opentelemetry-instrumentation-django==0.55b1
+opentelemetry-instrumentation-elasticsearch==0.55b1
+opentelemetry-instrumentation-fastapi==0.55b1
+opentelemetry-instrumentation-falcon==0.55b1
+opentelemetry-instrumentation-flask==0.55b1
+opentelemetry-instrumentation-grpc==0.55b1
+opentelemetry-instrumentation-jinja2==0.55b1
+opentelemetry-instrumentation-mysql==0.55b1
+opentelemetry-instrumentation-psycopg2==0.55b1
+opentelemetry-instrumentation-pymemcache==0.55b1
+opentelemetry-instrumentation-pymongo==0.55b1
+opentelemetry-instrumentation-pymysql==0.55b1
+opentelemetry-instrumentation-pyramid==0.55b1
+opentelemetry-instrumentation-redis==0.55b1
+opentelemetry-instrumentation-requests==0.55b1
+opentelemetry-instrumentation-sqlalchemy==0.55b1
+opentelemetry-instrumentation-sqlite3==0.55b1
+opentelemetry-instrumentation-starlette==0.55b1
+opentelemetry-instrumentation-tornado==0.55b1
+opentelemetry-instrumentation-wsgi==0.55b1
diff --git a/python/src/otel/tests/nodeps-requirements.txt b/python/src/otel/tests/nodeps-requirements.txt
index e48520f0ca..98fbc5c14c 100644
--- a/python/src/otel/tests/nodeps-requirements.txt
+++ b/python/src/otel/tests/nodeps-requirements.txt
@@ -1 +1 @@
-opentelemetry-instrumentation-aws-lambda==0.54b1
+opentelemetry-instrumentation-aws-lambda==0.55b1
diff --git a/python/src/otel/tests/requirements.txt b/python/src/otel/tests/requirements.txt
index c9383709e8..940784d74c 100644
--- a/python/src/otel/tests/requirements.txt
+++ b/python/src/otel/tests/requirements.txt
@@ -1,5 +1,5 @@
 # Dependencies used in tests only
-opentelemetry-test-utils==0.54b1
-opentelemetry-instrumentation == 0.54b1
-opentelemetry-semantic-conventions == 0.54b1
+opentelemetry-test-utils==0.55b1
+opentelemetry-instrumentation == 0.55b1
+opentelemetry-semantic-conventions == 0.55b1
 opentelemetry-propagator-aws-xray == 1.0.2