diff --git a/autogen/version.py b/autogen/version.py
index 25e71a0dfed4..24374a4e9d74 100644
--- a/autogen/version.py
+++ b/autogen/version.py
@@ -1 +1 @@
-__version__ = "0.2.0b2"
+__version__ = "0.2.0b3"
diff --git a/setup.py b/setup.py
index cfca8b602a65..6c2d3a074357 100644
--- a/setup.py
+++ b/setup.py
@@ -14,7 +14,7 @@
 __version__ = version["__version__"]
 
 install_requires = [
-    "openai==1.0.0b3",
+    "openai==1.1.1",
     "diskcache",
     "termcolor",
     "flaml",
@@ -58,5 +58,5 @@
         "License :: OSI Approved :: MIT License",
         "Operating System :: OS Independent",
     ],
-    python_requires=">=3.8",
+    python_requires=">=3.8, <3.12",
 )