diff --git a/CHANGELOG.md b/CHANGELOG.md
index ee0f02d..898ef90 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,6 +5,10 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+### Updated
+
+- Bumped opentelemetry version to 0.23
+
 ---
 
 ## [0.9.4] - 2024-05-20
diff --git a/Cargo.toml b/Cargo.toml
index c95c3e5..9d79a37 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -37,12 +37,12 @@ required-features = ["json-logger"]
 
 # See more keys and their definitions at https://doc.rust-lang.org/cargo/reference/manifest.html
 [dependencies]
-opentelemetry = {version = "0.22", optional = true}
-opentelemetry-otlp = {version = "0.15", features = ["http-proto", "reqwest-client"], default-features = false, optional = true}
-opentelemetry_sdk = {version = "0.22", features = ["rt-tokio"], optional = true}
+opentelemetry = {version = "0.23", optional = true}
+opentelemetry-otlp = {version = "0.16", features = ["http-proto", "reqwest-client"], default-features = false, optional = true}
+opentelemetry_sdk = {version = "0.23", features = ["rt-tokio"], optional = true}
 tracing = {version = "0.1", features = ["max_level_debug", "release_max_level_info"]}
 tracing-log = {version = "0.2"}
-tracing-opentelemetry = {version = "0.23", optional = true}
+tracing-opentelemetry = {version = "0.24", optional = true}
 tracing-subscriber = {version = "0.3", features = ["env-filter"]}
 
 # serialization/deserialization
@@ -56,7 +56,7 @@ url = "2.5.0"
 
 [dev-dependencies]
 actix-web = "4.0.1"
-opentelemetry-jaeger = {version = "0.21", features = ["integration_test"]}
+opentelemetry-jaeger = {version = "0.22", features = ["integration_test"]}
 prima_bridge = "0.16"
 tokio = {version = "1.17", features = ["rt", "macros", "rt-multi-thread"]}
 tracing-actix-web = {version = "0.7.0", features = ["opentelemetry_0_21"]}
diff --git a/src/telemetry.rs b/src/telemetry.rs
index 043a20c..4fc8aca 100644
--- a/src/telemetry.rs
+++ b/src/telemetry.rs
@@ -7,6 +7,25 @@ use opentelemetry_sdk::{
 
 use crate::SubscriberConfig;
 
+fn normalize_collector_url(collector_url: &str) -> String {
+    // OTLP before version 0.15 didn't append a /v1/traces suffix, but started doing so there.
+    // For backwards compatibility we strip it from configurations that do have it.
+    let collector_url = collector_url
+        // In case of a trailing slash strip it
+        .strip_suffix('/')
+        .unwrap_or(collector_url)
+        .strip_suffix("/v1/traces")
+        .unwrap_or(collector_url);
+
+    // Backport https://github.com/open-telemetry/opentelemetry-rust/pull/1553
+    let collector_url = collector_url.strip_suffix('/').unwrap_or(collector_url);
+
+    // And now starting from version 0.23 opentelemetry randomly stopped appending
+    // the url suffix, so we need to do it ourselves.
+    // This was not announced in the changelogs 🙃
+    collector_url.to_string() + "/v1/traces"
+}
+
 pub fn configure<T>(config: &SubscriberConfig<T>) -> Tracer {
     let telemetry = config
         .telemetry
@@ -24,22 +43,11 @@ pub fn configure<T>(config: &SubscriberConfig<T>) -> Tracer {
         }
     };
 
-    let collector_url = telemetry.collector_url.as_str();
-    // OTLP before version 0.15 didn't append a /v1/traces suffix, but started doing so there.
-    // For backwards compatibility we strip it from configurations that do have it
-    let collector_url = collector_url
-        // In case of a trailing slash strip it
-        .strip_suffix('/')
-        .unwrap_or(collector_url)
-        .strip_suffix("/v1/traces")
-        .unwrap_or(collector_url);
-
-    // Backport https://github.com/open-telemetry/opentelemetry-rust/pull/1553
-    let collector_url = collector_url.strip_suffix('/').unwrap_or(collector_url);
+    let collector_url = normalize_collector_url(&telemetry.collector_url);
 
     let otlp_exporter = opentelemetry_otlp::new_exporter()
         .http()
-        .with_endpoint(collector_url.to_string());
+        .with_endpoint(collector_url);
 
     let resource = Resource::new(vec![
         KeyValue::new("environment", config.env.to_string()),
@@ -54,3 +62,25 @@ pub fn configure<T>(config: &SubscriberConfig<T>) -> Tracer {
         .install_batch(runtime)
         .expect("Failed to configure the OpenTelemetry tracer")
 }
+
+#[cfg(test)]
+mod test {
+    use super::*;
+
+    #[test]
+    fn normalize_collector_url_test() {
+        let base = "http://localhost:8080";
+        let expected = "http://localhost:8080/v1/traces";
+
+        assert_eq!(normalize_collector_url(base), expected);
+
+        let with_trailing_slash = format!("{}/", base);
+        assert_eq!(
+            normalize_collector_url(with_trailing_slash.as_str()),
+            expected
+        );
+
+        let complete = format!("{}/v1/traces", base);
+        assert_eq!(normalize_collector_url(complete.as_str()), expected);
+    }
+}